Sprint Nextel wrapped up its $480 million buy...
Sprint Nextel wrapped up its $480 million buy of PCS spectrum from U.S. Cellular, Sprint said Friday. Sprint bought 20 MHz of spectrum in Midwest markets including Chicago, South Bend, Ind., and Champaign, Ill. It bought 10 MHz of PCS…
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spectrum in St. Louis. In addition to spectrum, Sprint adds 420,000 U.S. Cellular subscribers to its rolls through the transaction. The deal was announced last year. “Sprint and U.S. Cellular have already notified affected customers and Sprint will send them additional information on the exact timing and details of the transition which will last several months,” Sprint said. “During the months-long transition period, U.S. Cellular’s network will remain active and affected customers may continue to use U.S. Cellular for their wireless service while evaluating their options.” U.S. Cellular, meanwhile, said it will pay out a special cash dividend of $5.75 per common share and Series A common share on June 25. The dividend adds up to $481 million. “We have a strong balance sheet and ample liquidity from our cash balances and the recent Divestiture Transaction, enabling us to issue this special cash dividend and continue to invest in our business and pursue our strategic initiatives to position U.S. Cellular for long-term success,” said U.S. Cellular CEO Mary Dillon.