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Verizon Set to Buy NextWave Licenses

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From Associated Press

Verizon Wireless is buying cellular capacity for 23 markets from NextWave Telecom Inc. for $3 billion, ending the government’s tug of war over the never-used licenses and bolstering Verizon against a big new rival created by the merger of Cingular Wireless and AT&T; Wireless.

The deal gives Verizon Wireless, a joint venture between Verizon Communications Inc. and Vodafone of Britain, big chunks of additional capacity to handle a growing subscriber base in key markets, including New York, Boston, Los Angeles and Washington.

The deal still requires approval of the Federal Communications Commission, the U.S. Bankruptcy Court and antitrust regulators.

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