AT&T (T) is acquiring troubled spectrum owner NextWave Wireless (WAVE +456%) at a cost of up...

|By:, SA News Editor

AT&T (T) is acquiring troubled spectrum owner NextWave Wireless (WAVE +456%) at a cost of up to $600M ($500M in assumed debt, $25M cash, $25M contingent payment). NextWave owns spectrum in the widely-used AWS band, as well as in the WCS band, which AT&T is petitioning to be opened up for 4G services. Expect the acquisition to be closely scrutinized by the FCC, given its recent actions, and its long history with NextWave.