The transaction is expected to finish by mid 2013.
AT&T has agreed to acquire Verizon Wireless' 39 lower 700 MHz B block licenses for $1.9bn.
The service currently covers 42 million people in 18 US states.
As part of the deal, AT&T said it will also give Verizon licenses to 10 MHz Advanced Wireless Services spectrums in Los Angeles, Phoenix, Fresno and Portland.
Verizon has also agreed to sell lower 700 MHz B block licenses covering the Charlotte, Greensboro and Raleigh-Durham areas in North Carolina, to the US-based private-equity firm Grain Management for $189m.
The transactions are subject to approval by the US Federal Communications Commission (FCC) and the Department of Justice.
Verizon has agreed to sell 35 of its 77 lower B block licenses to 10 different entities which include transactions that were initiated prior to the sale process.
Verizon said the latest deals will complete the lower 700 MHz sale process.
Last year, the US Federal Communications Commission (FCC) approved Verizon Wireless' agreements worth $3.9bn in order to purchase wireless spectrum owned by Comcast, Time Warner Cable, Bright House Networks and Cox Communications.