AT&T Sells Wireless Spectrum in Southeast to Clearwire Corporation
For AT&T, Agreement Fulfills Commitment of AT&T-BellSouth Merger
San Antonio, Texas, February 20, 2007
AT&T Inc. (NYSE:T) announced today an agreement to sell to Clearwire Corporation, a national provider of wireless broadband Internet access, all 2.5 GHz spectrum currently licensed to, or leased by, BellSouth, now the new AT&T. For AT&T, the deal follows through on a commitment of the AT&T-BellSouth merger.
The sale includes EBS (Education Broadband Service) spectrum, which is reserved for accredited educational institutions and non educational organizations. Groups holding EBS licenses may lease portions of their spectrum to commercial operators. The sale also includes BRS (Broadband Radio Service) spectrum, which is used for commercial delivery of high speed wireless broadband services.
The transaction is worth $300 million in cash. It is expected to close promptly, following government approvals.
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