To no one's surprise, AT&T and Verizon Wireless have exchanged assets. This follows Verizon's purchase of Alltel and AT&T's purchase of Centennial.
According to Wireless Week, "Verizon was required to divest 2.1 million wireless subscribers in 22 states as well as spectrum and business management assets as a result of regulatory approvals related to its $28.1 billion purchase of Alltel earlier this year."
Of course, AT&T will have to convert the Verizon assets from CDMA to GSM. This is expected to take about a year and cost AT&T about $400 million.
Wireless Week: AT&T, Verizon swap assets