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Verizon Wireless To Purchase Qwest Wireless Spectrum, Network Assets
BEDMINSTER, NJ and DENVER, CO — Verizon Wireless and Qwest Communications International Inc. today announced a definitive agreement for Verizon Wireless to purchase Qwest Wirelessí assets for $418 million, increasing Verizon Wirelessí capacity in key existing markets and expanding its network into new markets.
The transaction is expected to close in the fourth quarter of this year or early 2005.
The agreement includes spectrum licenses in 62 markets in 14 western and mid-western states, covering a population of 30.8 million people. These licenses, all in the 1900 MHz PCS frequency range, average nearly 10 MHz per market. The transaction also includes Qwest Wirelessí network switching centers, cell sites and related network equipment, which operate on the CDMA standard, the same as the Verizon Wireless network.
Fifty-three of the licenses being purchased are in markets where Verizon Wireless already operates its network, and will be used to expand capacity to meet growing demand for voice and data services. These markets include the major cities of Phoenix, Albuquerque, Tucson, Salt Lake City, Minneapolis-St. Paul, Denver, Portland (OR), Seattle, and Omaha.
The spectrum licenses also include several new markets for Verizon Wireless, and will expand the companyís network footprint, the largest in the country, to an additional 1.5 million people. These new markets include: Rochester and St. Cloud, MN; Lincoln, NE; and Longview, WA.
The definitive agreement does not include Qwest Wirelessí subscriber base.
About Verizon Wireless
Verizon Wireless is the nationís leading provider of wireless communications. The company has the largest nationwide wireless voice and data network and 40 million customers. Headquartered in Bedminster, NJ, Verizon Wireless is a joint venture of Verizon Communications (NYSE:VZ) and Vodafone (NYSE and LSE: VOD). Find more information on the Web at www.verizonwireless.com. To receive broadcast-quality video footage of Verizon Wireless operations, log onto www.thenewsmarket.com/verizonwireless.
Verizon Wireless and Qwest have signed a definitive agreement for Verizon Wireless to purchase Qwestís spectrum licenses and network assets in the following 62 markets:
Santa Fe, NM
Salt Lake City-Ogden, UT
Idaho Falls, ID
Twin Falls, ID
Great Falls, MT
Colorado Springs, CO
Fort Collins-Loveland, CO
Grand Junction, CO
Fergus Falls-Alexndra, MN*
Minneapolis-St. Paul, MN
St. Cloud, MN*
Sioux City, IA
Rapid City, SD
Grand Island-Kearney, NE*
Klamath Falls, OR
Medford-Grants Pass, OR
Walla Walla, WA-Pendelton, OR
Coos Bay-North Bend, OR*
Port Angeles, WA
* New Markets for Verizon Wireless