(Telecompaper) T-Mobile US has agreed to buy additional spectrum in the 700 MHz band from Verizon Wireless for USD 2.365 billion cash and a swap of other frequencies. Verizon will gain AWS and PCS spectrum worth around USD 950 million as part of the deal. T-Mobile already holds spectrum in the same 'A block' of the 700 MHz band in Boston and the deal with Verizon gives it the important low-band spectrum in nine of the top ten and 21 of the top 30 markets in the US. In total, T-Mobile will have low-band spectrum covering 158 million people, including New York, LA, Dallas, Houston, Philadelphia, Atlanta, Washington DC and Detroit. The company aims to deploy the new spectrum as early as the fourth quarter of 2014. Also, as part of the transaction, the two companies will realign spectrum blocks in certain markets, primarily in northern California and the Atlanta area. The agreements are subject to approval by the Federal Communications Commission and the Department of Justice and are expected to close in mid-2014.