Together with 700MHz B band spectrum already owned by AT&T, the carrier hopes to finish building out its 4G LTE service. The nation's second largest carrier has a goal in place to blanket 300 million people with its 4G LTE service by the end of 2014. As part of the transaction with Verizon, AT&T will sell a single AWS license to Grain Management while leasing 700MHz spectrum from them in three markets.
The entire deal requires regulatory approval, which means someone in the U.S. government is getting a nice lunch. The deal is expected to close in the second half of this year.
source: AT&T via Engadget