San Diego’s Leap Wireless and cell phone giant Verizon have negotiated a plan to swap wireless spectrum, the air wave frequencies that carry wireless signals, in some U.S. markets.

The carefully planned acquisition of what is clearly a very valuable type of asset is a testament to the increasing importance of wireless spectrum, which is becoming ever more valuable as more and more data is transferred via smartphone. It is clear that in the future, tech companies will need to design their business formation plans with a closer eye on wireless spectrum so they can be sure they have enough.

Leap, which sells month-to-month wireless under the Cricket brand name, spent $204 million to buy wireless spectrum in Chicagop from Verizon. That will allow the company to expand its service there. Currently, Leap leases space from Sprint to provide customers with service in areas where it does not have a network. It probably is not conjecturing too much to speculate that Leap would enjoy having a larger network of its own and would prefer not to have to cooperate with one of its competitors.

In return, Verizon is buying about $360 million worth of wireless spectrum from Leap in smaller markets around the country.

Leap has said it will use the funds it earns from the sale partly to pay off debt and partly to upgrade its system from 3G to 4G, which will give its customers faster service and download speeds.

Regulatory approval is needed before the deal can be finalized, but at this point, no one is forecasting that there will be any problems.

Source: Sign On San Diego, “Cricket’s parent company swaps spectrum, makes plans for 4G,” Mike Freeman, Dec. 6, 2011