New Cingular Wireless PCS, LLC entered into an agreement to acquire Select Spectrum Assets from United States Cellular Corporation (NYSE:USM) for approximately $1 billion on November 6, 2024. Some of the licenses being sold to AT&T are owned by a third party. Their sale to AT&T is contingent upon UScellular's purchase, which is pending receipt of regulatory approval, of the equity in the third party that UScellular does not currently own. Those licenses cover approximately 15% of the total MHz-Pops represented in this transaction. The agreement with AT&T includes the sale of 1,250 million MHz-Pops of 3.45 GHz and 331 million MHz-Pops of 700 MHz B/C block licenses for a total of $1.018 billion. The consideration of approximately $1.018 billion payable in cash is subject to certain potential adjustments. Approximately $232 million of the AT&T Purchase Price has been allocated to certain Licenses in the 700 MHz band. Substantially all of the transaction is contingent upon the closing of the sale of the UScellular wireless operations and select spectrum assets to T-Mobile and is subject to the receipt of regulatory approvals, the expiration or termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended and satisfaction of customary closing conditions. TDS, in its role as the 83 percent shareholder of UScellular, has delivered its written consent approving the AT&T transaction. The transaction has been unanimously approved by the USCC Board of directors. As of August 11, 2025, the transaction is expected to close in the 2nd half of 2025. As of December 5, 2025, The US Federal Communications Commission approved the transaction.

Citigroup Global Markets Inc. is serving as lead financial advisor and Centerview Partners LLC is serving as financial advisor to TDS. TD Securities (USA) LLC and Wells Fargo are also serving as financial advisors to TDS. Wilkinson Barker Knauer, LLP is serving as lead transactional and FCC regulatory counsel to both TDS and UScellular. In addition, Clifford Chance LLP is serving as regulatory advisor to both TDS and UScellular, John P. Kelsh, Scott R. Williams, Mitchel A. Mick, Sonia Gupta Barros, Robert Mandell, Sara M. von Althann, Melissa K. McGrory, John W. Stribling, Heather M. Palmer, Sarah A. Jehl, James Mendenhall, Robert Lewis, Andrew C. Adair, Scott J.F. Goldstein, Nathan J. Greene, Carla G. Teodoro, Natalie C. Chan, Teresa L. Reuter, Colleen Theresa Brown, Elizabeth K. McCloy, Ryan A. Lee, Elizabeth Y. Austin, Jim Ducayet, Katie Klaben, Yunzhou Wang, Suresh T. Advani, Mark L. Kaufmann, Dusan Clark, E. Kyle Barnett and Leslie A. Shubert of Sidley Austin LLP is serving as legal advisor to TDS. PJT Partners LP is serving as financial advisor and G.J. Ligelis Jr. and Edward O. Minturn of Cravath, Swaine & Moore LLP is serving as legal advisor to the independent directors of UScellular. Jefferies acted as financial advisor to AT&T. Joel Cartee of Kilpatrick Townsend & Stockton LLP acted as legal advisor to New Cingular Wireless PCS, LLC.

New Cingular Wireless PCS, LLC completed the acquisition of Select Spectrum Assets from United States Cellular Corporation (NYSE:USM) on January 13, 2026.