Verizon Wireless announced it completed the acquisition of 50 PCS licenses and related network assets from Northcoast Communications for about $750 million in cash.

The licenses provide the company with additional growth capacity over large portions of the East Coast and Midwest, including New York, Boston, Minneapolis, Columbus, OH, Providence, RI, Rochester, NY and Hartford, CT. Total population covered by the 10 MHz licenses is about 47.4 million.

The proceeds, net of payments to the FCC, will be distributed to Northcoast's partners, which are comprised of Northcoast PCS and a subsidiary of Cablevision Systems Corporation. Cablevision's portion of the proceeds will be used to reduce the company's debt.