Verizon Wireless (NYSE:VZ) agreed to sell a huge chunk of its Lower 700 MHz B Block spectrum to AT&T Mobility (NYSE:T) for $1.9 billion. The deal, which essentially passes spectrum Verizon won at auction in 2008 to its largest competitor in exchange for money and other airwaves, is sure to raise the hackles of those in the industry who think Verizon and AT&T control too much spectrum already.

Under the deal, Verizon will sell 39 lower 700 MHz B Block licenses to AT&T in exchange for a payment of $1.9 billion and the transfer by AT&T to Verizon of 10 MHz AWS licenses in certain western markets, including Los Angeles, Phoenix, Fresno, Calif., and Portland, Ore.

The FCC and Department of Justice need to approve the deal. AT&T said it anticipates closing the deal sometime in the second half of 2013.

Read more: Verizon to sell 700 MHz B Block spectrum to AT&T for $1.9B

Source: FierceWireless