AT&T will pay an initial down payment of €633 million (US$1.3 billion) to the Federal Communications Commission for the wireless spectrum licences it won at the recent government auction, an Associated Press report said. AT&T will make the down payment, of which half was paid prior to the start of the auction, within the next ten working days, according to a regulatory filing.
The remaining balance will be paid on or before 17 April, the report added.
The San Antonio, Texas-based company says it will use funds from operations and either short term or long- erm debt to fund the purchase.
The FCC earlier announced the winners of a record-setting auction. The spectrum was made available thanks to the transition to digital broadcasting.