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Leap Completes Mobile Spectrum Swap

NEW YORK ( TheStreet) - Leap Wireless (LEAP - Get Report) announced this week that a previously-announced spectrum swap with T-Mobile USA and Cook Inlet/VS GSM VII PCS (a joint venture between T-Mobile and Cook) has been completed.

Leap says the move will allow it to expand its 4G/LTE coverage in a number of key cellular markets.

The deal includes Leap's purchase of the remaining portion of a company called Savary Island Wireless. Savary Island had been a joint venture between T-Mobile USA and Leap of which Leap had previously owned 85%.

Under the agreement, Leap gets an additional 10 MHz of AWS spectrum in Houston, Galveston and College Station, Texas, as well as in Phoenix, Ariz. Leap currently operates in those markets. The deal also includes a number of intra-market swaps between Leap and T-Mobile in Philadelphia, Wilmington, Del., Atlantic City, N.J., as well as various locations in Texas and New Mexico.

Leap and Savary Island transferred spectrum to T-Mobile and Cook Inlet in various markets in Alabama, Illinois, Missouri, Minnesota and Wisconsin.

Financial terms of the deal were not disclosed.

Leap also announced that its wholly-owned subsidiary, Cricket Communications, has completed the purchase of the remaining 15% of Savary Island controlling shares that it hadn't previously owned. The price? $5.3 million.

--Written by Gary Krakow in New York.

>To submit a news tip, send an email to:

Gary Krakow is TheStreet's senior technology correspondent.

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