AT&T, Verizon Swap

SAN ANTONIO -- AT&T Inc. (NYSE:T) has announced a definitive agreement with Verizon Wireless to conduct a swap of wireless assets.

Under the terms of the agreement, AT&T will acquire -- upon Verizon's acquisition of Rural Cellular Corporation -- some former Rural Cellular properties, including licenses, network assets and subscribers, in the Burlington, Vt. metropolitan service area and in rural service areas (RSAs) in New York (RSA-2), Vermont (RSA-1, RSA-2B1) and Washington (RSA-2, RSA-3). AT&T will also acquire a cellular license from Verizon in Kentucky RSA-6.

Also under terms of the agreement, Verizon will acquire from AT&T some former Dobson Communications Corporation properties, including licenses, network assets and subscribers, in Kentucky RSA-6 and RSA-8. Verizon will also acquire 10 MHz of PCS spectrum in a number of markets and receive an additional cash consideration from AT&T.

As required, AT&T has also agreed to sell the Cellular One brand to Trilogy Partners. In addition, to fulfill the remaining divestiture requirements, AT&T has entered into a separate agreement with MTPCS, LLC to sell the former Dobson property, including licenses, network assets and subscribers, in Texas RSA-10 and AT&T's share of the former Dobson partnership holding licenses, network assets and subscribers in portions of Oklahoma RSA-5. Together, these transactions satisfy AT&T's divestiture requirements related to its recent acquisition of Dobson.

AT&T Inc. (NYSE: T)