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AT & T and Verizon complete asset swap

Tue, 12/23/2008 - 6:15am
The Associated Press

DALLAS (AP) – AT&T Inc. said Monday it has completed a swap of wireless assets with Verizon Wireless in order to meet the divestiture requirements of its acquisition of Dobson Communications Inc. last year.

AT&T said under the deal it has acquired licenses, network infrastructure and subscribers in rural areas of Vermont, New York, Washington State and Kentucky.

Verizon acquired the same type of assets in parts of Kentucky under the agreement plus wireless spectrum in several areas and an undisclosed cash sum. Verizon Wireless is a joint venture between Verizon Communications Inc. of New York and Vodafone Group PLC of Britain.

AT&T completed its acquisition of Dobson, a wireless service provider based in Oklahoma City, in November 2007, paying stockholders $13 per share, or $2.8 billion. The Federal Communications Commission approved the deal but required AT&T to shed its operations in some areas because of antitrust concerns.

The assets handed over to AT&T from Verizon come from Verizon's acquisition of the Alexandria, Minn.-based carrier Rural Cellular Corp. in a deal valued at $2.67 billion including debt. The FCC imposed similar requirements to sell assets when in approved the deal in August.

Share of AT&T rose 10 cents to $28.22 in afternoon trading.

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AT&T and Verizon complete asset swap

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