Verizon Buying Qwest Wireless Assets
Pushing to expand its network capacity, U.S. cellphone service giant Verizon Wireless agreed to pay $418 million to buy the wireless assets of Qwest (Q).
Verizon Wireless, a joint venture of New York telco Verizon (VZ) and British wireless giant Vodafone (VOD), said the deal covers spectrum licenses in 62 markets in 14 Western and Midwestern states, covering a population of 30.8 million people.
The transaction also includes Qwest Wireless' network-switching centers, cell sites and related network equipment, which operate on the code division multiple access, or CDMA, standard that Verizon Wireless uses.
The definitive agreement doesn't include Qwest Wireless' subscriber base. Denver-based Qwest said it will continue to offer wireless service under the Qwest brand to residential and business customers through its wholesale relationship with Sprint PCS."The sale completes our shift from a network-centric wireless provider to a more customer-focused operation that is designed to deliver exceptional value and service to customers," said Qwest financial chief Oren G. Shaffer. "The monetization of the network assets further improves our liquidity." The transaction is expected to close in the fourth quarter of this year or early 2005.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV