AT&T has completed its acquisition of 700 MHz spectrum from Verizon Wireless. The new acquisition covers 42 million people in 18 states.
The spectrum will allow AT&T to further deploy its 4G LTE network which will accommodate the increasing demand for mobile Internet services. Currently, AT&T's LTE covers more than 225 million people and will likely reach 270 million people by the end of the year.
AT&T paid $1.9 billion in cash and transferred Advanced Wireless Services spectrum licenses in five cities in exchange for the 700 MHz spectrum.