Four firms lead $3.6bn deal for sale of spectrum licenses

December 5, 2011 Verizon Wireless is set to purchase wireless spectrum licenses from a consortium of cable carriers known as SpectrumCo for a sum of $3.6 billion. According to Verizon, the deal will give it enough bandwidth to serve 259 million customers.

The vendor consortium consists of Comcast, Time Warner Cable and Bright House Networks. Under the terms of the deal, Verizon will pay Comcast $2.3 billion, Time Warner Cable will get $1.1 billion, and Bright House $189 million for the licenses.

Basking Ridge–based Verizon was advised by longtime outside counsel Debevoise & Plimpton.

Davis Polk & Wardwell is advising Philadelphia-based Comcast on the sale, with a team that includes New York–based corporate partners David Caplan and William Chudd. Partners Avishai Shachar and Neil Barr are providing tax advice.

Time Warner Cable is advised by Paul, Weiss, Rifkind, Wharton & Garrison, which put forward a team that included New York–based corporate partners Ariel Deckelbaum, Robert Schumer, and Matthew Abbott.

New York–based firm Sabin, Bermant & Gould is representing Bright House in the transaction.

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