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T-Mobile to Acquire Majority of US Cellular in $44 Billion Deal


T-Mobile US, Inc. and UScellular Corporation have announced a definitive agreement for T-Mobile to acquire substantially all of UScellular's assets in a transaction valued at approximately $44 billion, including the assumption of debt. The acquisition will significantly expand T-Mobile's reach and enhance its competitive position in the wireless industry.

Terms of the Agreement

Under the terms of the agreement, T-Mobile will acquire:

  • UScellular's nationwide wireless network, including approximately 6,000 cell sites and 2,100 MHz of spectrum
  • UScellular's customer base of approximately 4.8 million retail and business customers
  • UScellular's retail stores and customer service operations

Upon completion of the transaction, T-Mobile plans to integrate UScellular's network and operations into its own infrastructure, providing customers with a seamless nationwide network experience.

Benefits of the Acquisition

The acquisition is expected to offer numerous benefits for T-Mobile, including:

  • Expanded Network Coverage: The acquisition will add approximately 6,000 cell sites and 2,100 MHz of spectrum to T-Mobile's existing network, significantly expanding its coverage and capacity. This will provide customers with improved service in rural areas and other underserved markets.
  • Increased Customer Base: The acquisition will add approximately 4.8 million retail and business customers to T-Mobile's base, further strengthening its position as one of the leading wireless service providers in the United States.
  • Enhanced Spectrum Portfolio: The acquisition will provide T-Mobile with additional spectrum in key markets. This spectrum can be used to offer higher speeds, greater capacity, and innovative services to customers.
  • Reduced Competition: The acquisition will eliminate one of T-Mobile's primary competitors in the wireless industry. This will reduce competitive pressure and allow T-Mobile to focus on investing in network improvements and developing new services.

Financial Impact

The transaction is expected to be accretive to T-Mobile's financial performance within two years of closing. T-Mobile plans to fund the acquisition with a combination of cash on hand, senior unsecured notes, and new debt. The company expects to achieve significant cost synergies in the following years as it integrates UScellular's operations.

Regulatory Approvals

The transaction is subject to customary closing conditions, including regulatory approvals from the Federal Communications Commission (FCC) and the Department of Justice (DOJ). The companies anticipate completing the transaction in mid-2024.

Executive Comments

  • Mike Sievert, CEO of T-Mobile: "This acquisition will create a more competitive wireless industry and deliver significant benefits to consumers, our employees, and our shareholders. By combining our networks, spectrum, and customer bases, we will be able to offer an even better experience to our customers, particularly in rural areas."
  • Tom Keys, CEO of UScellular: "This transaction is a testament to the strength of UScellular's network, customer base, and employees. We are excited to join forces with T-Mobile and believe that our customers will benefit from the combined strengths of both companies."

Industry Analysis

The acquisition is viewed as a major consolidation move in the wireless industry. It comes amid increasing competition from both traditional carriers and new entrants. The acquisition will create a formidable challenger to industry leaders AT&T and Verizon.


The acquisition of UScellular by T-Mobile is a significant event in the wireless industry. It will create a larger, more competitive company with greater network coverage, a larger customer base, and a stronger spectrum portfolio. The transaction is expected to benefit consumers, employees, and shareholders of both companies.

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