AT&T gave a virtual lei to Aloha Partners L.P. today, after agreeing to pay $2.5 billion in cash for wireless spectrum able to deliver television to mobile phones. The deal is slated to close within 6 to 9 months.

Rhode Island-based Aloha is making quite a profit on the agreement with T, as the privately held company only paid a few million dollars for its spectrum, which it began accruing in 2001.

The nation's largest phone company will now hold the licenses of 12 megahertz of spectrum in the 700 MHz range, covering 196 million people in 281 markets. That's not all, though, as T will soon have an opportunity to purchase an additional 700 MHz spectrum, formerly used by TV broadcasters before they traded it for high-def signals, from the Federal Communications Commission (FCC) in January.

Shares of AT&T saw little volatility in response to the announcement, as the stock is currently trading at $41.84, down 0.2%.