NextWave Wireless Acquired By AT&T

San Diego-based NextWave Wireless, the company which holds a chunk of bandwidth used for the wireless communications market, has been acquired by AT&T, AT&T announced this morning. AT&T said it will acquire all of the equity of NextWave for $25M, plus a contingent payment of up to approximately $25M. In addition, AT&T said it will acquire or retire all of NextWave's outstanding debt, which is worth $600M in cash. NextWave Wireless hold spectrum licenses in the (WCS) and Advanced Wireless Service (AWS) bands, which AT&T says it hopes to use for mobile Internet service. AT&T and Sirius XM are currently working with the FCC to allow use of the WCS spectrum, which is currently being held open due to concerns about interference to satellite radio users.