AT&T, Verizon Wireless Ready to Swap Assets in Q1

AT&T Inc. (T) expects to wrap the acquisition of certain Verizon Wireless assets in 2010’s first quarter.

AT&T, the nation’s second-largest wireless provider, is buying licenses, network facilities and 1.5 million users in 79 areas in 19 states from its bigger rival. Verizon was required to sell the assets as part of the regulatory approvals for buying Alltel.

Meanwhile, AT&T said it should complete the sale of Centennial Communications wireless properties to Verizon in the first quarter. That swap also stems from the two companies’ agreement last May, although it has yet to get regulators’ blessing. Verizon is buying almost 120,000 subscribers in five parts of Louisiana and Mississippi.

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