T-Mobile to acquire 700 MHz spectrum from Verizon Wireless

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T-Mobile and AT&T have been trading barbs over pricing and customer plans. Now T-Mobile is cavorting with one of AT&T’s largest rivals — Verizon Wireless.

According to a press release, T-Mobile has inked a deal with Verizon Wireless that’ll transfer spectrum licenses for 700MHz A-Block spectrum to T-Mobile. T-Mobile will pay $2.365 billion in cash and transfer select AWS and PCS licenses to Verizon.

This deal will increase T-Mobile coverage in the top markets in the US. The carrier will have low-band spectrum in 9 of the top 10 and 21 of the top 30 markets across the United States.

“This is a great opportunity to secure low-band spectrum in many of the top markets in America,” said John Legere, President and CEO of T-Mobile. “These transactions represent our biggest move yet in a series of initiatives that are rapidly expanding our already lightning fast network and improving its performance across the country. We will continue to find ways to advance our customers’ network experience just as our bold Un-carrier moves have shaken up the wireless industry to benefit consumers.”

The carrier expects to utilize this spectrum by the end of 2014.

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