Verizon Wireless To Purchase Urban Comm-North Carolina Spectrum Licenses

Bedminster, NJ -- Verizon Wireless announced today that it has signed a definitive agreement with Urban Comm-North Carolina to purchase PCS spectrum licenses from Urban Comm-North Carolina in 10 North Carolina markets for $68.5 million. The purchase is expected to close around mid-year.

The 10, 20, and 30 MHz licenses, in the 1.9 GHz PCS frequency range, cover a population of 3.9 million people. Three of the licenses will be used to expand Verizon Wireless' network to meet customers' increasing demand for the company's services in areas it currently serves, including Raleigh-Durham, Fayetteville, and Burlington. The remaining licenses will be used to expand the company's footprint into new markets, including Wilmington, Greenville, Rocky Mount, Roanoke Rapids, Goldsboro, New Bern, and Jacksonville.

This transaction was approved by the United States Bankruptcy Court on Monday in connection with Urban Comm-North Carolina's bankruptcy proceedings. The transaction remains subject to Urban Comm-North Carolina and the Federal Communications Commission reaching an agreement settling certain pending matters, as well as to approval of the transaction by the Federal Communications Commission and antitrust regulatory review.

Following are the markets included in this transaction:

Spectrum licenses for 30 MHz in:

• Fayetteville-Lumberton*
  
• Jacksonville
  
• Wilmington

Spectrum licenses for 20 MHz in:

• Goldsboro-Kingston
  
• Greenville-Washington
  
• New Bern
  
• Roanoke Rapids
  
• Rocky Mount-Wilson

Spectrum licenses for 10 MHz in:

• Burlington*
  
• Raleigh-Durham*

* Areas where Verizon Wireless currently operates its network.

Source: Verizon Wireless