UScellular’s $1.018 Billion Sale of Select Spectrum Assets to AT&T

On November 7, 2024, United States Cellular Corporation ("UScellular") announced that it has entered into an agreement with AT&T to sell a portion of the company's retained spectrum licenses for total consideration of $1.018 billion. The transaction is part of the objective UScellular announced on May 28, 2024, to opportunistically monetize the spectrum that was not included in the proposed sale to T-Mobile; and follows the transactions previously announced on October 18, 2024, to sell a portion of the retained spectrum licenses to Verizon and two other mobile network operators. Cravath is representing the independent directors of UScellular in connection with the transaction.

The Cravath team is led by partner G.J. Ligelis Jr. and includes associates Edward O. Minturn, Jessica E. Sandor, Mariel V. Mok and Jack F. Chen on M&A matters.