Verizon said Tuesday that it has agreed to sell its cellular network to Sprint, which would make the telecoms largest U.S. vendor a bigger player.
Sprint said in a statement that the deal is expected to close by the end of the year.
The deal is subject to regulatory approval.
Verizon’s purchase would be the second-largest wireless company to move its headquarters to the U.C.L.A. The company’s $4.8 billion purchase of MetroPCS last year was the largest in U.K. history.
The sale is part of a wave of consolidation in wireless companies, as companies like AT&T and Verizon cut costs, consolidate and restructure operations.
Verizon and Sprint will retain a combined 35 percent of wireless market share in the U, while AT<d.
and T-Mobile each have more than 50 percent of the market.
“The combination of Verizon’s network investments and Sprint’s spectrum will give us more flexibility in our investments and allow us to accelerate the transformation of our business, expand and deploy new technologies and create more jobs in the United States,” said Verizon CEO Lowell McAdam.
Sprint is now the largest mobile provider in the nation, with more than 1.7 million wireless subscribers, according to the wireless industry group CTIA.
It’s also the No. 2 wireless provider after AT>.
and is the second largest wireless company after Verizon.
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