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Cingular Completes Acquisition Of NextWave Licenses: Page 2 of 2

For NextWave, which is working its way through bankruptcy, closing the deal was a "very important event," Allen Salmasi, chairman and chief executive of the company said.

"It strengthens NextWave's capitalization and positions the company to complete its reorganization," Salmasi said in a statement.

Cingular Wireless, a joint venture between SBC Communications and BellSouth, serves more than 24 million voice and data customers across the United States.