Verizon Communications Inc. (NYSE:VZ) entered into an agreement to acquire Spectrum licenses from United States Cellular Corporation (NYSE:USM) for $1 billion on October 17, 2024. Consideration of $1 billion is subject to certain potential adjustments.
The transaction is subject to closing of the transactions contemplated by the T-Mobile Purchase Agreement. The transaction is subject to the expiration or termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, and (ii) the receipt of approval from the Federal Communications Commission. The transaction is approved by Telephone and Data Systems. The transaction has been approved by the target shareholders and unanimously by the target board of directors. As of May 14, 2026, the transaction has been approved by the Federal Communications Commission.
Citigroup Global Markets Inc. acted as lead financial advisor to Telephone Data Systems. Centerview Partners LLC acted as financial advisor to Telephone Data Systems. TD Securities (USA) LLC and Wells Fargo are acted as financial advisors to TDS. Christine Crowe and Amy Fliam of Wilkinson Barker Knauer acted as lead transactional and FCC regulatory counsel to United States Cellular Corporation. Leigh Oliver, Michael Van Arsdall, Sharis Pozen, Danielle Morello, Santi Roca Arribas,Timothy Lyons, Megan Hackett, Sung Shin, and Kaia Pankey of Clifford Chance LLP is acted as regulatory advisor to both TDS and UScellular. John P. Kelsh, Scott R. Williams and Christopher R. Hale of Sidley Austin LLP is acted as legal advisor to TDS. PJT Partners LP is acted as financial advisor and G.J. Ligelis Jr. of Cravath, Swaine & Moore LLP is serving as legal advisor to the independent directors of UScellular. Jonathan Levitsky, Michael Diz, William Regner, Katherine Durnan Taylor, John Love, Erin Cleary and Lena Smith of Debevoise & Plimpton LLP acted as legal advisor to Verizon Communications Inc.
Verizon Communications Inc. (NYSE:VZ) completed the acquisition of Spectrum licenses from United States Cellular Corporation (NYSE:USM) on June 1, 2026.
Array Digital Infrastructure, Inc., formerly United States Cellular Corporation, is an owner and operator of shared wireless communications infrastructure in the United States. The Company, with over 4,400 cell towers in locations from coast to coast, enables the deployment of 5G and other wireless technologies throughout the country.
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