Verizon signs first deal to sell lower 700MHz spectrum following the AWS handover, acts on its promise

[MummyChunk]

From ENG















First Lower 700 MHz Spectrum License Sale Agreement Inked with Nortex
Communications

Nortex Communications, an independent telephone company based in
Muenster, TX, has signed a purchase agreement with Verizon Wireless to
acquire the Texas RSA 6-Jack 700 MHz lower B-block license which
covers a four-county area northwest of Dallas, subject to FCC
approval. The sale is the first to be signed as part of Verizon
Wireless' previously announced plans to offer for sale its lower 700
MHz licenses to other interested parties.

Verizon Wireless decided last spring to explore the sale of the lower
700 MHz A and B Block spectrum it had acquired in FCC Auction 73 in
2008. Since the 700 MHz licenses cover numerous major cities as well
as dozens of smaller and rural markets across the country, the sale
process was designed to encourage a wide variety of potential buyers,
small and large, to participate. The company moved forward with the
sale process as soon as the FCC approved Verizon Wireless' acquisition
of AWS spectrum as part of several transactions in August.

Although the sale to Nortex is the first to be signed as a result of
the announced sale process, Verizon Wireless has previously sold 24 of
its lower 700 MHz spectrum licenses to seven different
telecommunications companies operating in thirteen states. Verizon
Wireless is also getting spectrum into the hands of 20 rural operators
through its "LTE in Rural America" program. The company is
currently evaluating bids for its other lower 700 MHz spectrum
licenses. All transactions will require appropriate regulatory
approvals.

Stephens Inc., an independent financial services firm, and Loop
Capital Markets LLC, a minority-owned full service investment bank,
managed the offering process.