Leap Wireless Sells Bandwidth

San Diego-based wireless communications service firm Leap Wireless said today that it has received FCC approval for its sale of spectrum licenses to Verizon Wireless. The sale, which includes spectrum in Arkansas, Michigan, Missisipi, New York, and Wisconsin, will yield the company $102.5M. The company said that it would use the money for strategic growth of its business. The company also sold all of its operating assets in Michigan to Verizon Wireless. Leap provides mobile wireless services using digital CDMA technology.