AT&T to buy $1.9 billion worth of 700MHz spectrum from Verizon

By consolidating, do you mean that theorectically speaking for example, that a Verizon LTE phone could work on ATT LTE?

No, AT&T is in 700MHZ lower bands (B block) and VZ in 700MHZ upper bands (C block). AT&T bought 39 B Block licenses from VZ which VZ was not planning on using since it is deploying C block. AT&T also transferred to VZ 10MHZ of AWS band.

http://news.verizonwireless.com/news/2013/01/verizon-wireless-spectrum-license-transactions.html

Essentially they each had some spectrum the other wanted so they swapped plus AT&T paid VZ some cash since VZ was swapping more valuable spectrum.
 
Easy, now, easy. Put down what you're smoking and lay down for a while. ;)

It would not be hard to make a phone that operates on both bands, but phones have to decide on a limited number of bands to support, so better for one US carrier and a selection of foreign frequencies than to make the phone North American only.
 

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