BASKING RIDGE, NJ — Verizon Wireless said that the spectrum it gained in the FCC’s recent 700 MHz auction is a critical piece of its overall broadband strategy to take advantage of the enormous opportunity for growth in data services in the future.

The spectrum will allow the company to capture the full potential of its announced plan to deploy a Long Term Evolution (LTE) network and Open Development Initiative and the resulting next wave of wireless innovation. The company’s comments were made in a conference call with the investment community this morning.

Verizon Wireless was the winning bidder for a nationwide spectrum footprint (excluding Alaska) in the FCC-termed C-Block group of licenses, plus 102 licenses for individual markets around the country.

In all, the company will pay $9.36 billion for these licenses, which equates to $1.03 per MHz Pop, compared with the auction average of $1.20.

The FCC announced the end of the auction on March 20, but the company was limited in commenting until the Commission’s anti-collusion quiet period rules ended late in the day on April 3.

The new spectrum, which will not be completely cleared for use until mid-February 2009, will increase the company’s average spectrum depth per market to 82 MHz, from 52 MHz today.