BEDMINSTER, N.J.-Verizon Wireless completed the acquisition of 50 PCS licenses and related network assets of Northcoast Communications L.L.C. for $750 million cash.
The deal includes 10-megahertz personal communications services licenses covering more than 47 million potential customers and more than 300 cell site locations.
The licenses give Verizon additional growth capacity in the East and Midwest U.S., including in major markets like New York, Boston, Minneapolis, Minn., Columbus, Ohio, Providence, R.I., Rochester, N.Y., and Hartford, Conn. The carrier said the additional spectrum will help it to meet demands from consumer and business customers for wireless voice and data services for the next several years.
After making obligatory payments to the Federal Communications Commission, Northcoast will divide the proceeds among its partners, Northcoast PCS and a subsidiary of Cablevision Systems Corp., which will use the money to reduce its debt.
The deal was first announced in December 2002 and the FCC cleared the purchase in February.
