CHICAGO, June 28, 2013 /PRNewswire/ -- United States Cellular Corporation [NYSE: USM] today announced that it has entered into a definitive agreement to sell the majority of its Mississippi Valley 10MHz REA AWS spectrum license to a wholly owned subsidiary of T-Mobile US, Inc. [NYSE: TMUS] for $308 million. The transaction is subject to regulatory approval and is expected to close by the end of 2013.
"Following the Market Divestiture that closed in May, we have been seeking opportunities to monetize other non-strategic assets," said Kenneth R. Meyers, U.S. Cellular president and CEO. "We're pleased to have achieved significant value for this spectrum license, as we continue to evaluate opportunities to create additional value for our shareholders."
U.S. Cellular will partition and retain a portion of the license covering its markets in Knoxville and eastern Tennessee to meet future operating needs.
U.S. Cellular was advised on the transaction by Media Venture Partners.
About U.S. Cellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers in 25 states. At the end of the first quarter, Telephone and Data Systems, Inc. owned 85 percent of U.S. Cellular. For more information, about U.S. Cellular, visit uscellular.com.
SOURCE United States Cellular Corporation