Verizon and Leap Wireless announce $120 million spectrum swap in wake of FCC approval

Go ahead and put a bow on it, as Verizon Wireless and Leap Wireless (the parent company of Cricket), have announced a successful spectrum swap. The agreement follows the recent stamp of approval from the FCC, which was issued as part of a larger deal between Verizon Wireless, SpectrumCo and Cox. For its part, Leap will divest itself of excess AWS and PCS spectrum across the US; in exchange, Verizon will pay $120 million to Leap and provide it with 12MHz of A Block 700MHz spectrum in Chicago. Leap will use the new holdings to supplement its existing 10MHz of the A Block within the Windy City, and will use the cash to build up its LTE infrastructure across the US. The company currently expects to provide LTE coverage to at least two-thirds of Cricket's current footprint over the next three years -- or, maybe sooner. Just check the PR to watch the company waffle.

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Verizon and Leap Wireless announce $120 million spectrum swap in wake of FCC approval originally appeared on Engadget on Tue, 28 Aug 2012 18:06:00 EDT. Please see our terms for use of feeds.