FCC Permits Qualcomm to Sell Spectrum Licenses to AT&T for $1.925 Billion

Qualcomm announced on Friday it has been cleared by the Federal Communication Commission (FCC), US to sell its Lower 700 MHz D and E Block (Channel 55 and 56) unpaired U.S. spectrum licenses to telecom giant AT&T.

The deal between AT&T and Qualcomm was inked last year for a massive $1.925 billion.

AT&T previously stated the deal was primarily driven by the company's growing requirements for implementing a longer-term 4G Network strategy.

Apparently, this new technology by Qualcomm is likely to create more opportunities throughout the world, particularly in those regions where there is an ample scope for extending unpaired spectrum bands' availability for wireless operators.

"We are very pleased that the FCC has approved the sale of our spectrum licenses and look forward to working with AT&T to deploy supplemental downlink. This is a positive outcome for Qualcomm and our stakeholders," said Dr. Paul E. Jacobs, chairman and CEO of Qualcomm in a statement, as reported by 4-Traders.

"We would like to express our appreciation to FCC Chairman Julius Genachowski, his fellow FCC Commissioners and the FCC staff," the CEO added.