AT&T To Buy Wireless Spectrum From Aloha Partners For $2.5 Billion

AT&T Inc.'s (T) board approved the purchase of wireless spectrum licenses from Delware limited partnership Aloha Partners L.P. for about $2.5 billion in cash.

The telecommunications holding company said the spectrum licenses cover 196 million people in the 700 MHz frequency band.

The company said the deal enhances its spectrum position by adding 12 MHz of spectrum covering 196 million people in 281 markets. The spectrum covers many major metropolitan areas, including 72 of the top 100 and all of the top 10 markets in the U.S.

AT&T expects to close the deal within six to nine months.