T-Mobile shop from Wikipedia
T-Mobile has announced it will acquire nearly all of U.S. Cellular’s wireless operations, including customers, stores, and 30% of its spectrum assets, in a $4.4 billion deal.
U.S. Cellular’s shares (USM) rose by over 10% following the announcement, following a disclosure made ten months ago about exploring strategic options. To finance the acquisition, T-Mobile plans to use cash and up to $2 billion in assumed debt, which will be offered to specific U.S. Cellular debtholders. This acquisition aims to improve coverage for T-Mobile’s customers.
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The telco company does not anticipate any impact on its 2024 financial outlook or shareholder returns while projecting around $1 billion in cost synergies from operational and capital expenses.
The deal, expected to close by mid-2025, is subject to regulatory clearance and does not require shareholder intervention since Telephone and Data Systems, which holds an 83% stake in U.S. Cellular, has agreed to the acquisition.
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