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AT&T to Buy Spectrum From Verizon for $1.9 Billion

AT&T Inc., the second-biggest U.S. wireless carrier, agreed to acquire airwaves from larger rival Verizon Wireless for $1.9 billion, helping bolster its network in a region that covers 42 million people.

The spectrum -- the radio frequencies that let mobile devices operate -- spans 18 states, including California, Texas, New York and Florida, and is located in the 700-megahertz range, AT&T said today in a regulatory filing. The deal is expected to be completed in the second half of 2013.