Cingular Wireless and NextWave Telecom agree to terms for spectrum licenses.(Business)

2.5G-3G, August, 2003

Cingular Wireless and NextWave Telecom announced an agreement for Cingular to purchase licenses from NextWave to provide wireless services in 34 markets for $1.4 billion. The licenses, which cover approximately 83 million potential customers, are for spectrum primarily in markets where Cingular currently has voice and data operations. The transaction is subject to review and approval by the Bankruptcy Court overseeing NextWave's reorganization and by the FCC. Under terms of the deal, Cingular would pay $1.4 billion in cash, and obtain FCC authorization to operate on 10 MHz of broadband PCS (1900 MHz) spectrum in the following markets: Los Angeles, CA; Chicago, IL; San Francisco, CA; Dallas, TX; Houston, TX; Washington, DC; Atlanta, GA; Boston, MA; San Diego, CA;...

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