Qualcomm Inc. has sold its U.K. spectrum rights to Vodafone Group Plc and CK Hutchison Holdings Ltd. in a deal valued at about 200 million pounds ($313.8 million), people familiar with the transaction said.
The deal will be announced Wednesday, said three of the people, who asked not to be named. Communications regulator Ofcom will still have to approve the agreement, the people said.
Qualcomm bought the “L-band” spectrum in 2008 for 8.33 million pounds to develop and test new wireless services. The carriers won’t be able to use the new airwaves until at least next year as they wait for upgrades to phones and network equipment, two of the people said.
Qualcomm said in June that it planned to sell the spectrum rights. Emily Kilpatrick, a spokeswoman for the San Diego-based company, declined to comment on the report.
Spokesmen for Vodafone and Hutchison’s U.K.-based Three unit declined to comment. The sale was reported earlier by the Register, a technology news website.