After the closing bell, Leap said it's agreed to acquire 12 MHz of 700 MHz A block spectrum in Chicago from Verizon Wireless for $204 million. It's also signed off on selling excess PCS and AWS spectrum in various U.S. markets to Verizon Wireless for $188 million.
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Leap Wireless also announced that its majority-owned venture, Savary Island Wireless would be selling $172 million worth of AWS spectrum to Verizon Wireless. The company said proceeds from the sale would be used to pay back Cricket, which is Leap's own branded national wireless carrier. "Together, these transactions will allow us to strengthen our spectrum position in our Chicago market and receive net cash proceeds of more than $100 million , after repayment of indebtedness and estimated transaction fees," said Doug Hutcheson , Leap's president and chief executive officer. Shares of Leap Wireless closed the regular session up 50 cents at $9.36.Verizon Wireless is a joint venture owned by both Verizon Communications and (VZ) and Vodafone(VOD). The venture is 55% owned by Verizon, and 45% owned by Vodafone.--. >To submit a news tip, send an email to: tips@thestreet.com
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