FCC Approves Transfer Of AT&T Breakup Fee Airwaves To T-Mobile

Date : 04/25/2012 @ 2:08PM
Source : Dow Jones News
Stock : AT&T Inc. (T)
Quote : 39.255  1.225 (3.22%) @ 12:39PM

FCC Approves Transfer Of AT&T Breakup Fee Airwaves To T-Mobile

AT&T Inc. (NYSE:T)
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The Federal Communications Commission cleared the way for T-Mobile USA to receive about $1 billion in wireless airwaves it is owed as part of the breakup fee for AT&T Inc.'s (T) failed $39 billion takeover bid.

T-Mobile has slated the airwaves, or spectrum, for its build out over the next several years of a high-speed mobile broadband network to keep pace with its larger rivals. The spectrum will bolster T-Mobile's network in 12 large U.S. markets, according to a statement from the Bellevue, Wash.-based carrier.

AT&T promised the spectrum and about $3 billion in cash for walking away from the deal in December after meeting resistance from regulators, competitors and attorneys general concerned over the impact to competition. T-Mobile is playing catchup with AT&T and Verizon Wireless in building out the faster network, known as 4G LTE.

The breakup fee is among the largest in corporate history, in terms of size and percentage, according to Dealogic. Deals from Pfizer Inc. (PFE) and AOL Inc. (AOL) had higher breakup fee values, though those buyouts closed.

-By Greg Bensinger, Dow Jones Newswires; 212-416-4676; greg.bensinger@dowjones.com

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