Verizon Wireless is looking to buy up to 2,300MHz of US spectrum in an acquisition that could generate as much as $2.7 billion in net revenue, the Wall Street Journal reports.
The acquisition would also create Verizon’s first-ever nationwide LTE network in the United States.
Verizon said in a filing with the FCC on Friday that it is also looking to acquire 700MHz of the 600MHz band in the U.S. Verizon Wireless will be able to use the spectrum to deploy its LTE network as well as to create its next-generation wireless products.
Verizon is currently in the process of laying out its LTE plans in the Midwest, where it will be building a network that would reach parts of Minnesota, Illinois, Indiana, Ohio, and Michigan, according to a report by the Wall St. Journal.
Verizon currently has plans to deploy 5G, 4G, and 3D mobile communications on the 5G network.
The wireless company said it is seeking spectrum in all 50 states and Puerto Rico.
Verizon has already invested heavily in 5G.
The company said that it will invest in five 5G sites in the coming years and has signed a memorandum of understanding with several operators, including AT&T, Sprint, T-Mobile, and Verizon Wireless.
Verizon’s LTE plans include rolling out a network in 2019 that would have coverage up to 700Mbs and 100Mbs in urban areas, according the Wall Streeter.
The purchase of spectrum could come as Verizon tries to compete with other telecom giants such as Comcast, Verizon Wireless, and AT<a.