T-Mobile closed its $4.3 billion acquisition of UScellular’s wireless operations, bringing more than 4 million customers and retail operations under its nationwide network. The deal includes specified spectrum assets, while the remaining tower and spectrum portfolio will continue under the newly rebranded Array Digital Infrastructure, Inc. (NYSE: USM, transitioning to NYSE: AD).
T-Mobile paid $2.6 billion in cash and assumed approximately $1.7 billion in UScellular debt through an exchange offer expected to complete on August 5. The transaction also includes a 15-year Master License Agreement with Array, making T-Mobile a long-term anchor tenant on at least 2,015 additional towers and extending leases on 600 existing sites. UScellular customers will keep existing plans for now, with the option to migrate to T-Mobile’s unlimited service tiers in the coming months. Coverage improvements begin immediately with reciprocal roaming, while full network integration will follow in phases.
Array Digital Infrastructure emerges from the transaction with approximately 4,400 owned towers, making it the fifth largest independent tower business in the United States. In addition, Array retains noncontrolling investment stakes and a portfolio of spectrum holdings across multiple frequency bands. While certain spectrum licenses are slated for sale to Verizon, AT&T, and two other operators pending regulatory approvals, Array plans to monetize additional holdings over time. Douglas W. Chambers, formerly UScellular CFO, will serve as interim President and CEO, with shares expected to trade under the new ticker “AD” beginning August 12.
• T-Mobile acquires UScellular’s wireless operations, retail stores, and specified spectrum for $4.3 billion
• Over 4 million UScellular customers move to T-Mobile’s nationwide network
• Reciprocal roaming starts immediately, with phased network integration to follow
• Array retains 4,400 towers, ranking fifth largest U.S. tower business
• 15-year Master License Agreement secures T-Mobile as a long-term tower tenant
• Retained spectrum portfolio includes licenses to be sold to Verizon, AT&T, and others; remaining holdings to be monetized opportunistically
• Array Digital to trade under new ticker “AD” on NYSE beginning August 12
“The closing of the sale of UScellular’s wireless operations and certain spectrum assets to T-Mobile marks an important milestone in the company’s 42-year history,” said Walter Carlson, President and CEO of Telephone and Data Systems. “The successful completion of this transaction has delivered significant shareholder value and has positioned the continuing Array business with a strong balance sheet and a tower infrastructure business poised for growth and value creation.”
🌐 Why it Matters: This dual transition strengthens T-Mobile’s national wireless footprint, particularly in underserved regions, while creating a new standalone tower and spectrum infrastructure player in Array Digital. The split highlights how U.S. telecom assets are being restructured into specialized operating companies — one focused on mobile services, the other on infrastructure leasing and spectrum monetization.
In total, T-Mobile acquired approximately 30% of UScellular’s spectrum licenses in a $4.4 billion deal finalized on August 1, 2025. The transferred licenses include:
- 600 MHz: All holdings in this low-band spectrum, ideal for wide-area rural coverage.
- 700 MHz A Block: Most licenses, enhancing rural coverage and building penetration.
- 2.5 GHz: All mid-band spectrum, critical for high-capacity 5G networks.
- 24 GHz: All millimeter-wave spectrum, used for high-speed, short-range 5G in dense areas.
- AWS (Advanced Wireless Services): A significant portion, supporting 4G and 5G networks.
- PCS (Personal Communications Service): A majority, used for 4G and 5G services.
UScellular retained about 70% of its spectrum, including significant portions of C-Band, CBRS, 3.45 GHz, 700 MHz B/C blocks, and 17.2 billion MHz-POPs of millimeter-wave spectrum.
