Panhandle Telecommunication Systems Enters 700 MHz Spectrum License Sale Agreement

UPDATE: Friday, Feb. 15 - Verizon Wireless and Panhandle Telecommunication Systems, Inc., completed this spectrum purchase on February 14, 2013.

Panhandle Telecommunication Systems, Inc., a communications and broadband solutions company based in Guymon, Okla., has signed a purchase agreement with Verizon Wireless to acquire the Texas RSA 2-Hansford 700 MHz lower B-block license, which covers 12 counties in the northwest part of Texas, subject to Federal Communications Commission (FCC) approval.  
This agreement and one announced last week with Nortex Communications in Texas are the first two to be signed as a result of Verizon Wireless’ previously announced sale process for its lower 700 MHz spectrum licenses. The company continues to evaluate bids for its other lower 700 MHz spectrum licenses, which cover numerous major cities and dozens of smaller rural markets across the country. All transactions require appropriate regulatory approvals. 
Verizon Wireless is committed to being a good steward of the spectrum it owns. Including this transaction with Panhandle, the company has sold or has agreed to sell 26 of its lower 700 MHz spectrum licenses to nine different telecommunications companies operating in 13 states. Verizon Wireless is also getting spectrum into the hands of 20 rural operators through its LTE in Rural America leasing program.
Stephens Inc., an independent financial services firm, and Loop Capital Markets LLC, a minority-owned full service investment bank, managed the offering process.