(Bloomberg) -- US Cellular Corp. agreed to sell some spectrum assets to AT&T Corp. for $1.02 billion as the tower operator continues the sale of its portfolio.
Chicago-based US Cellular controls one of the largest tower businesses in the US. The transaction is part of the company’s plan to “opportunistically monetize” the spectrum that wasn’t included in a previously announced sale to T-Mobile US Inc. in May for $4.4 billion, and follows a similar deal with Verizon Communications Corp. and two other mobile network operators in October.
“As with the other mobile network operators, we are confident that AT&T can put it to productive use in communities throughout the US,” Chief Executive Officer Laurent Therivel said in a statement on Thursday.
If the deals close as expected, US Cellular will have reached agreements to monetize about 70% of its total spectrum holdings (excluding mmWave). The majority of the value of US Cellular’s remaining spectrum holdings will be in the C-band spectrum, Therivel said.
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