Leap (LEAP) Closes Spectrum Acquisition Deal with Verizon

August 28, 2012 4:07 PM EDT
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Leap Wireless International, Inc. (Nasdaq: LEAP), has completed the previously announced transactions to sell Verizon Wireless (NYSE: VZ) excess PCS and AWS spectrum in various markets across the U.S. and to acquire from Verizon Wireless 12 MHz of 700 MHz A block spectrum in Chicago. Upon the resolution of interference issues related to 700 MHz A block licenses, the additional spectrum Leap is acquiring will supplement the 10 MHz of spectrum Leap currently owns and operates in Chicago.

Leap's non-controlled, majority-owned venture, Savary Island Wireless, LLC (Savary Island), has also completed the sale of AWS spectrum in various markets to Verizon Wireless. In connection with this transaction, Leap also repaid the balance of a promissory note which was secured by a portion of the spectrum Savary Island sold to Verizon Wireless.

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