Bloomberg News

Verizon Wireless Picks Loop Capital to Advise Spectrum Sale

May 21, 2012

Verizon Wireless, the largest U.S. mobile-phone carrier, picked Loop Capital Markets LLC as an adviser for the sale of 700-megahertz spectrum licenses.

Loop Capital, based in Chicago, will work with Stephens Inc. to find potential bidders, Verizon Wireless said today in a statement.

The move comes as the Federal Communications Commission and the Justice Department review Verizon’s plan, announced in December, to buy unused airwaves from cable companies led by largest provider Comcast Corp. (CMCSA:US) and No. 2 Time Warner Cable Inc. (TWC:US)

Verizon Wireless said on April 18 that if the cable spectrum deal was approved it would sell its 700-megahertz A and B airwave licenses, covering dozens of major cities across the U.S. and smaller markets. Verizon, based in Basking Ridge, New Jersey, paid $4.7 billion for the spectrum, according to JPMorgan Chase & Co.

AT&T Inc. (T:US), the second-biggest U.S. wireless provider, has raised prices amid what it calls a spectrum crunch and may be a likely bidder for the Verizon Wireless airwaves. Regulators are working to keep large carriers from controlling so much spectrum that competition is weakened.

To contact the reporter on this story: Scott Moritz in New York at smoritz6@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net


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Companies Mentioned

  • CMCSA
    (Comcast Corp)
    • $54.52 USD
    • -0.61
    • -1.13%
  • TWC
    (Time Warner Cable Inc)
    • $148.81 USD
    • -1.19
    • -0.8%
Market data is delayed at least 15 minutes.
 
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