Wireless Industry News » Cincinnati Bell quits wireless business, will sell spectrum to Verizon for $210M
Verizon Wireless will buy Cincinnati Bell's wireless spectrum in a deal valued at $210 million, effectively ending the regional carrier's wireless operations. According to Strategy Analytics, Cincinnati Bell is the nation's ninth largest wireless carrier.
Cincinnati Bell Wireless, or CBW, will sell to Verizon all of its wireless spectrum licenses for $194 million in cash. CBW holds licenses for PCS, AWS and 700 MHz spectrum in Ohio. Verizon will also assume certain tower lease obligations. CBW said it will notify its customers with more details around the time the deal closes, which is expected to be sometime in the second half of 2014.
CBW said it expects to continue to provide wireless service for the next eight to 12 months and that its customers do not need to do anything right now. The company said it will, for a nominal charge, lease back the spectrum it is selling for a period of time following the closing of the deal, and will then wind down its wireless network operations and help customers in transitioning their service to Verizon or other carriers. Read the full article