United States Cellular Up 11% In Pre-market On Sale Of Most Of Its Wireless Operations

(RTTNews) - Shares of United States Cellular Corporation (USM) were rising more than 11 percent in pre-market on Tuesday to $48.24, after it agreed to sell its wireless operations and approximately 30 percent of its spectrum assets to T-Mobile US, Inc. (TMUS) for about $4.4 billion, a combination of cash and nearly $2 billion in debts.

UScellular will retain ownership of its other spectrum as well as its towers, with T-Mobile entering into a long-term arrangement to lease space on at least 2,100 additional towers being retained.

The transaction is expected to close in mid-2025.

USM shares had closed at $42.98, down 0.81 percent on Friday. The stock has traded in the range of $13.79 - $49.89 in the last 1 year.