AT&T wins regulatory approval to buy Qualcomm spectrum

Reflections are seen in the window of an AT&T store in New York March 21, 2011.

(Reuters) - AT&T Inc said late on Thursday that it won regulatory approval to buy wireless spectrum from U.S. chipmaker Qualcomm Inc, a move that would boost the company's 4G network.

AT&T is buying 700 megahertz (MHz) airwaves for about $1.93 billion, with the aim of countering criticism over iPhone service quality and competitive threats from rivals like Verizon Wireless.

"This spectrum will help AT&T continue to deliver a world-class mobile broadband experience to our customers," Bob Quinn, an AT&T senior vice president, said in a statement.

The companies expect to close the transaction in the coming days, AT&T said.

(Reporting by Sakthi Prasad in Bangalore; Editing by Matt Driskill)