NEW YORK-Verizon Wireless, the joint venture between Verizon Communications and Vodafone Group plc, has withdrawn plans for an initial public offering of up to $5 billion this year because it no longer needs the money to buy spectrum licenses that NextWave Telecom Inc. had won.
In a letter to the Securities and Exchange Commission Jan. 29, S. Mark Tuller, vice president, said the registration statement for the IPO “has been terminated because we currently have no significant funding needs that would require us to consummate the offering.”
Verizon Wireless was among the major mobile operators that bid successfully in a re-auction of radio-frequency licenses that the U.S. Supreme Court ruled Jan. 27 the Federal Communications Commission must return to bankrupt NextWave.
