AT&T announced that it would buy the wireless spectrum licenses of Aloha Partners for about $2.5 billion. AT&T, the largest U.S. carrier by subscribers, said the licenses cover 196 million customers in 281 markets, including 72 of the top 100 U.S. markets in the 700-megahertz frequency band.

"Customer demand for mobile services, including voice, data and video, is continually increasing," AT&T executive Forrest Miller told The Wall Street Journal. "Aloha's spectrum will enable AT&T to efficiently meet this growing demand and help our customers stay connected to their worlds."

Aloha, is also the parent company of mobile TV service provider HiWire, which has been testing services in Las Vegas.

AT&T has not yet said what services it plans to run over the newly acquired airwaves.

The company did say that it expects the deal to close within six to nine months.