AT&T wraps-up Verizon network asset acquisition

DALLAS, USA: AT&T completed its acquisition of wireless assets from Verizon Wireless for $2.35 billion in cash.

The acquisition enhances AT&T's wireless network coverage in primarily rural areas in 79 service areas across 18 states.

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To secure regulatory approvals for its purchase of Alltel in 2009, Verizon Wireless agreed to divest the properties.

Once network transition work is completed, the approximately 1.6 million subscribers in these service areas will be connected to AT&T.

"Mobile broadband is changing how we live our lives and transforming every sector of business, and AT&T is leading the way," said Ralph de la Vega, president and CEO, AT&T Mobility and Consumer Markets.

Over a period of 12 months, AT&T will launch service on a market-by-market basis as network integration work is completed.