Verizon Cable Spectrum Purchase Approved

The Federal Communications Commission on Thursday officially approved Verizon Wireless’ $39 billion deal to acquire AWS spectrum licenses from a consortium of cable companies. The Commission also signed off on a spectrum swap with Leap Wireless (LEAP) and an additional transaction that will see a number of AWS holdings transferred to T-Mobile. According to the FCC’s press release, Verizon (VZ) must complete its spectrum transfer with T-Mobile within 45 days of closing the deal with the cable companies. The carrier must also provide service to 30% of the areas covered by its newly acquired spectrum within three years, and 70% of the areas covered within seven years. Lastly, Verizon will have to continue to offer roaming agreements for five years in areas where it is acquiring the AWS spectrum.