AT&T, which has approximately 1,500 workers in the Dayton-region, said Friday it will pay $2.35 billion in cash to buy wireless assets from Verizon Wireless in 18 states.
The purchase covers licenses, network assets and 1.5 million Verizon subscribers who are primarily in rural areas in California, Alabama, Arizona, Colorado, Iowa, Kansas, Michigan, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, South Dakota, Tennessee, Utah, Virginia and Wyoming.
The transaction primarily represents former Alltel assets, but also includes assets from Verizon and the former Rural Cellular Corp. The deal is expected to close in the fourth quarter.
AT&T (NYSE:T) said it expects network conversion and operations transition to take no more than 12 months from closing and to result in an additional planned capital investment of about $400 million over 2009 and 2010.
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Posted by cellular401
at 12:09 PM EDT
