T-Mobile US, Inc. entered into an asset purchase agreement to acquire Beam branded spectrum licenses and leases of Shenandoah Telecommunications Company for approximately$21.5 million.

T-Mobile US, Inc. (NasdaqGS:TMUS) entered into an asset purchase agreement to acquire Beam branded spectrum licenses and leases of Shenandoah Telecommunications Company (NasdaqGS:SHEN) for approximately $21.5 million on August 23, 2022. Under the transaction, Shenandoah Telecommunications Company agreed to sell certain Federal Communications Commission (?FCC?) spectrum licenses and leases utilized in its Beam branded fixed wireless service for total consideration of approximately $21.5 million, composed of $17.7 million cash and approximately $3.8 million of liabilities to be assumed by T-Mobile US. As of February 22, 2023, T-Mobile US shall pay a consideration of approximately $21.5 million, composed of $17.7 million cash and approximately $3.8 million of liabilities to be assumed by T-Mobile.

As a result of the transaction, Shenandoah plans to cease its Beam operations at the remaining Beam fixed wireless sites upon or prior to the closing of the transaction. The transaction is subjected to the receipt of regulatory approvals and other customary closing conditions and is expected to close in the first half of 2023. As of April 28, 2023, the transaction is expected to close by the end of the third quarter of 2023.