US Cellular To Sell Some Spectrum Licenses To AT&T For $1 Billion

U.S. Cellular has agreed to sell $1.02 billion worth of spectrum licenses to AT&T as part of its strategy to monetize its spectrum assets that were not included in an earlier $4.4 billion deal with T-Mobile. Reuters reports: Last month, U.S. Cellular agreed to sell select spectrum licenses for $1 billion to Verizon. It also signed deals with two other mobile network operators, but did not disclose the details. The latest agreement "adds a fourth mobile network operator, in addition to T-Mobile, to the list of those whose subscribers will benefit from the sale of our spectrum licenses," U.S. Cellular CEO Laurent Therivel said on Thursday. From a press release: Following this transaction, as well as those previously announced, UScellular will have reached definitive agreements to monetize approximately 55%, measured on a MHz-Pops basis, of the spectrum holdings (excluding mmWave) that were excluded from the proposed sale to T-Mobile, for a total consideration of approximately $2.02 billion. Including the proposed T-Mobile transaction, UScellular will have reached agreements to monetize approximately 70% of its total spectrum holdings (excluding mmWave), measured on a MHz-Pops basis.
 
"After our proposed sales, we will be left with 1.86 billion MHz-Pops of low and mid-band spectrum, as well as 17.2 billion MHz-Pops of mmWave spectrum, with the substantial majority of retained value in the C-band spectrum," [said Laurent C. Therivel, President and CEO]. "The C-band licenses have a number of attributes that we believe are favorable to their long-term value. First, our C-band licenses are positioned in an attractive mid-band frequency that can deliver outstanding speed and capacity. Second, there is a substantial 5G ecosystem of equipment vendors and existing infrastructure that uses C-band. Finally, they have a lengthy build-out timeline, with first and second build-out dates of 2029 and 2033, respectively. This provides ample time and optionality for us to either monetize or deploy the spectrum in the future. We will continue to look for ways to opportunistically monetize the C-band, as well as the other remaining spectrum."
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