Verizon Wireless bought assets of SureWest Wireless Communications for $69 million, the firm said on Friday.

The Verizon Communications Inc unit said 50,000 SureWest customers will move to Verizon's network by the end of the summer.

Verizon reported on Friday the purchase of SureWest includes its spectrum licenses, network and operation assets in the greater Sacramento, Calif. area.

The licenses will expand the company's capacity in the area.

Shares of Verizon closed 0.89 percent down to $37.91 on the New York Stock Exchange composite trading Friday.