Pacific DataVision Inc. said on Tuesday that part of the $218 million in equity funding it recently raised will go toward the purchase of Sprint Corp.'s spectrum licenses, as PDV works to launch a two-way radio network for businesses.

PDV, which is run by the co-founders of Nextel Communications Inc., said it has agreed to buy all six of Sprint's 900-megahertz spectrum licenses. According to a Tuesday press release from PDV, upon the completion of the deal with Sprint, it will focus on developing a walkie-talkie-style service for small and medium-size businesses.

The Paterson, New Jersey-headquartered company said it has already received approval for the service — which will be offered primarily through http://www.law360.com/companies/motorola-solutions-inc