Sprint to Acquire Spectrum, Customers from U.S. Cellular for $480M

Sprint

today announced that it has entered into a definitive agreement with U.S. Cellular

to acquire PCS spectrum and customers in parts of Illinois, Indiana, Michigan, Missouri and Ohio including the Chicago and St. Louis markets for $480 million in cash and the assumption of certain liabilities. The additional spectrum will be used to supplement Sprint's coverage in these areas as it continues to deploy its Network Vision upgrade and roll out 4G LTE nationally. “This transaction will enable us to strengthen our business and become a more robust competitor,” said Dan Hesse, Sprint's CEO. “Acquiring this spectrum will significantly increase Sprint's network capacity and improve the customer experience in several important Midwest markets