United States Cellular Corporation (USM), a mobile network operator, said on Friday that it has inked a deal with Verizon Communications Inc. (VZ) to sell a portion of its retained spectrum assets for $1 billion, payable in cash.
In addition, UScellular has signed agreements with two other mobile network operators for the sale of other selected spectrum licenses.
"The transactions are part of the objective UScellular announced on May 28, 2024, to opportunistically monetize the spectrum that was not included in the proposed sale to T-Mobile," the company said in a statement.
Verizon will receive 663 million MHz POPs of its Cellular, 850 MHz,spectrum licenses as well as 11 million MHz POPs of its AWS and 19 million MHz POPs of its PCS licenses.
In addition, UScellular reached agreements to sell a total of 12 million MHz POPs of its spectrum licenses across the CBRS, C-Band, and 700 MHz B/C Block bands to two additional mobile network operators.
The information on the two buyers and terms were not disclosed. Post transactions, UScellular's retained spectrum will represent 3.4 billion MHz POPs of low and mid-band spectrum, 700 MHz, 3.45GHz, CBRS and C-Band, as well as 17.2 billion MHz POPs of mmWave spectrum.
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