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Cincinnati Bell selling wireless spectrum to Verizon
CINCINNATI (WKRC) -- Cincinnati Bell announced Monday it's selling its wireless assets to Verizon Wireless in a deal worth $210 million.
Cincinnati Bell is selling its wireless spectrum licenses and related assets. Bell will lease back the spectrum for a period of time. That will allow it to wind down its wireless network operations and help its customers to transition to other wireless providers.
"This transaction is an important step toward increasing focus on our growing strategic product base," commented Torbeck. "It has become economically challenging for us to invest in our wireless business at the levels necessary to deliver best-in-class service to our customers. This transaction not only ensures that our customers have access to top-tier wireless service, but it also gives us increased flexibility to meet their growing demand for our Fioptics suite of products."
The deal is expected to close sometime in the second half of 2014.
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