Vodafone, Hutchison to Buy United Kingdom Wireless Spectrum From Qualcomm

Qualcomm confirmed on Wednesday it has sold its 40 MHz of United Kingdom L-band spectrum to Vodafone and 3UK.

Communications regulator Ofcom will have to approve the agreement.

Qualcomm bought the “L-band” spectrum in 2008 for 8.33 million pounds to develop and test new wireless services. The semiconductor company announced in June that it has planned to put spectrum rights on sale.

L-Band spectrum can be used for Supplemental Downlink (SDL), helping mobile network operators to meet the global demand for increased mobile data traffic.

The San Diego-based mostly chipmaker stated in July it’d break itself up because it delivered its third revenue warning this yr and stated it deliberate to slash jobs and spending in a aggressive setting.

Bloomberg reported late Tuesday, citing people familiar with the matter, that the spectrum deal was valued at about 200 million pounds ($313.84 million). Qualcomm, Three and Vodafone are not discussing financial terms of the deal and will submit formal requests to Ofcom for the transfer of the licence.

Akira Partners LLP advised Qualcomm on the transaction.