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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

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To: foundation who wrote (32261)	2/12/2003 1:30:57 PM
From: foundation	of 197121

Verizon Wireless cleared by U.S. to buy licenses Wednesday February 12, 12:23 pm ET WASHINGTON, Feb 12 (Reuters) - U.S. antitrust authorities cleared Verizon Wireless to buy 50 wireless spectrum licenses from an affiliate of Cablevision Systems Corp. (NYSE:CVC - News) After an initial review of the deal, officials have decided not to oppose plans by the No. 1 U.S. wireless carrier to buy the licenses from Cablevision's Northcoast Communications, according to a notice by the Federal Trade Commission. Verizon Wireless, a joint venture of Verizon Communications (NYSE:VZ - News) and Europe's Vodafone Group Plc (London:VOD.L - News) said it will pay $750 million cash for the licenses and network assets. The cities they cover include New York, Boston and Minneapolis. The company said it expects the deal to close in the second quarter of 2003, which it will fund through an existing inter-company loan from Verizon Communications. Verizon has said Cablevision would use its share of the money, totaling $635 million, to pay down bank debt. biz.yahoo.com

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