FILE - T-mobile logo in the Mobile World Congress 2023 in Barcelona, Spain, on Thursday, March 2, 2023. On Tuesday, May 28, 2024, T-Mobile is buying U.S. Cellular's wireless operations and certain spectrum assets in a deal valued at $4.4 billion. T-Mobile is buying U.S. Cellular's wireless operations and certain spectrum assets in a deal valued at $4.4 billion, and further consolidating the industry.
As part of the agreement, T-Mobile will get U.S. Cellular’s wireless operations and about 30% of spectrum assets across several spectrum bands. T-Mobile will also enter into a new master license agreement on more than 2,000 towers and extend the lease term for the approximately 600 towers where T-Mobile is already a tenant.
T-Mobile said Tuesday that U.S. Cellular customers will gain access to its 5G network, giving them better coverage and speed. “In the face of rising competition and increasing capital intensity required to keep pace with the latest technologies, and following our careful and deliberate strategic review, we are confident that continuing to deliver on our mission requires a level of scale and investment that is best achieved by integrating our wireless operations with those of T-Mobile,” U.S. Cellular Chair LeRoy Carlson Jr. said in a statement.
The transaction includes a combination of cash and up to about $2 billion of assumed debt. Up to $100 million of the cash component is contingent on hitting certain financial and operational metrics between the deal's signing and closing.The deal has been unanimously approved by the boards of United States Cellular Corp. and Telephone and Data Systems Inc, which is a majority shareholder of U.S. Cellular. It is expected to close in mid-2025.Copyright 2024 The Associated Press.
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