Vecima Networks Inc. announced Tuesday that it has entered into an agreement to sell a portion of its wireless spectrum assets in the 3.5 GHz band. Vecima said in a release that subsidiary YourLink Inc. is selling the spectrum. The first phase of the transaction totals $8 million and includes the purchase of 16 spectrum licences primarily serving the provinces of Ontario and Alberta, Vecima said. In a second phase, Vecima said the purchaser, which the company did not identify, will pay for the option to purchase an additional 20 spectrum licences for up to $11 million on or before Dec. 31, 2011. Both phases together represent almost 58 per cent of YourLink’s sub-10 GHz spectrum asset holdings, Vecima wrote. The transaction is subject regulatory approvals. “As we have mentioned on numerous occasions, Vecima’s spectrum assets carry substantial value that is not reflected in their carried value,” Surinder Kumar, CEO of Vecima, said in a statement. Last year Vecima sold spectrum holdings to the Inukshuk Wireless Partnership for $14 million.