US number-two operator AT&T has signed an agreement to acquire a number of 700MHz spectrum licences from market leader Verizon Wireless for $1.9 billion.

AT&T will secure 39 lower 700MHz B block licences in markets including Chicago, Los Angeles and Miami.

As well as the cash payment, Verizon will receive 10MHz of AWS spectrum from AT&T in Los Angeles, Phoenix, Fresno and Portland Oregon.

Verizon will also sell lower 700MHz B block licences in North Carolina to private equity firm Grain Management for $189 million. The operator will lease an AWS licence for Dallas, Texas which AT&T is selling to the private equity firm.

The agreements complete a spectrum sale process announced by Verizon Wireless in spring 2012 for its lower 700MHz spectrum licences. Seven companies have now signed license purchase agreements with the US number-one operator as part of this, five of which are small or regional operators.

The transactions are subject to approval by the Federal Communications Commission and Department of Justice.

As well as the Verizon licences, AT&T recently agreed to pay $780 million to acquire wireless spectrum and assets from Atlantic Tele-Network, which operates under the Alltel brand.