Subject: [NEXTEL-1] Court Greenlights Cingular Spectrum Buy

From: [email-masked]
Date: Fri, 26 Sep 2003 15:25:27 -0400

Court Greenlights Cingular Spectrum Buy

SEPTEMBER 26, 2003

Just as shareholders wanted, 34 NextWave Telecom Inc. spectrum licenses did go to
the highest bidder, although only there was only one bid. Despite rumors that
other carriers would compete for the spectrum, Cingular Wireless' $1.4 billion
cash bid was the only one offered.

The companies officially unveiled the deal in early August, but under bankruptcy
law, competing bids must be considered to ensure the best price is being offered
for a bankrupt company's assets. The Sept. 15 deadline for competing bids came and
went without a nibble. The U.S. Bankruptcy Court in White Plains, N.Y., has
approved Cingular's bid for the 34 licenses that went up for auction.

The approval is a win for Cingular; however, the company has a few more hurdles to
clear before it can call the spectrum its own. The company will now seek
appropriate regulatory approvals needed for consummation of the license transfers.

Cingular has been busy as of late trying to beef up its offering in the markets it
already serves. The majority of the NextWave licenses cover markets where Cingular
already offers services -- of the 34 markets Cingular already offers service in
all but seven. When the deal was first announced, Cingular COO Mark Feidler said
although his company already provides services in most of those markets, the
additional spectrum would bolster those holdings.

Earlier this month, the carrier revealed a $27.6 million deal with US Unwired
Inc.  for certain spectrum licenses and operations in Texas, Arkansas and
Louisiana.
The deal gives Cingular access to the Sprint PCS affiliate's cellular network in
Lake
Charles, La., as well as 10 MHz of its PCS spectrum in Alexandria and Shreveport,
La.; Longview and Paris, Texas; and Texarkana, Texas/Arkansas. Texarkana is
the only new market for Cingular.

http://www.wirelessweek.com/index.asp?layout=newsat2direct&starting=3&pubdate=09/26/03

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