Cincinnati Bell to Sell Wireless Spectrum Licenses to Verizon Wireless

Cincinnati Bell said that it has agreed to sell its wireless spectrum licenses and other related assets to Verizon Wireless in a deal valued at $210 million.

Cincinnati Bell Wireless will sell all of its rights, titles and interest in its wireless spectrum licenses for $194 million in cash, while Verizon will take over certain tower lease obligations. CBW said it expects to continue to provide wireless service for eight to 12 months from the time of signing, and that customers don't need to take any action at this time.

"This transaction is an important step toward increasing focus on our growing strategic product base, wireless service and support throughout the transition period," said Ted Torbeck, president and chief executive of Cincinnati Bell, adding that it gives the company "increased flexibility" to meet growing customer demand for its suite of fiber-optic connection products.

CBW will lease back the spectrum it is selling for a period of time following the closing of the transaction, in order to wind down its wireless network operations and to help its wireless customers transition their service to Verizon Wireless or other wireless providers, the company said. The transaction is expected to close in the second half of 2014.