Cingular Wireless and NextWave Telecom Close Transaction

Cingular Wireless closed its transaction of 34 PCS licenses from NextWave Telecom. The licenses, covering approximately 83 million potential customers, are for spectrum primarily in markets where Cingular currently has voice and data operations.



Under terms of the deal, Cingular paid $1.4 billion in cash, and obtained FCC licenses to operate on 10 MHz of broadband PCS (1900 MHz) spectrum in 32 of the markets and of spectrum of 20 MHz in the 1900 MHz band in Tampa and El Paso (Texas).



All claims of the FCC and third parties related to these 34 licenses have been satisfied, including $714 million owed by NextWave to the FCC for these licenses, which was paid directly to the FCC out of the $1.4 billion total. http://www.cingular.com