GO
Loading...

Enter multiple symbols separated by commas

AT&T To Sell Wireless Spectrum to Clearwire for $300 Million

AT&Tsaid on Tuesday it will sell BellSouth's wireless spectrum to Clearwire, a wireless broadband network company that is set to soon go public, for $300 million in cash.

AT&T acquired BellSouth Corp. late last year, and it was part of their merger plan to sell all 2.5 GHz spectrum licensed to or leased by BellSouth.

The sale to Clearwire includes Broadband Radio Service spectrum, which is used for commercial delivery of high-speed wireless broadband services.

It also includes Education Broadband Service (EBS) spectrum. Groups holding EBS licenses may lease portions of their spectrum to commercial operators.

The spectrum sale is expected to close promptly, following government approvals, AT&T said.

The move comes a week after Clearwire, which builds and operates wireless broadband networks, set its planned initial public offering at 20 million shares for $23 to $25 per share.

The IPO is expected to bring the company between $460 million and $500 million in proceeds and help it boost its range of mobile communications services.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • Hero miles for military members: Real estate magnate's plea

    Chairman of the Fisher House Foundation, Ken Fisher, discusses the Hero Miles program with CNBC's Dina Gusovsky. During Military Appreciation Month, Fisher is asking every traveler to donate 1,000 of their miles to replenish the Hero Miles programs that is in danger of running out.

  • Cramer shuts down this market's haters

    "Mad Money" host Jim Cramer on why this market can't stop, won't stop.

  • From the battlefield to the boardroom

    Your Grateful Nation is dedicated to helping Special Forces veterans enter the corporate world and Knot Standard provides complimentary suits to vets. Mad Money's Jim Cramer spoke with Rob Clapper, Your Grateful executive director; John Ballay, Knot Standard co-founder and president; Tej Gill, retired U.S. Navy Seal; and Darren McB, active duty U.S. Navy Seal.