(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