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Spectrum-hungry T-Mobile US said Friday it will buy AWS spectrum covering 29 markets in the Mississippi Valley region for $308 million in cash from U.S. Cellular. Markets covered include St. Louis; Nashville; Kansas City; Memphis; Lexington and Louisville, Ky.; Little Rock-North Little Rock, Ark.; Birmingham, Ala.; and New Orleans, T-Mobile said. “This additional spectrum will allow for an incremental roll-out of T-Mobile’s 4G LTE network coverage to new markets and expands the existing 4G LTE bandwidth in the important Mississippi Valley region.” The carrier, the nation’s fourth largest, is widely viewed as a top contender for sub-1 GHz spectrum in the upcoming FCC incentive auction. “In today’s marketplace, spectrum is gold,” said T-Mobile CEO John Legere. “This is a rare opportunity to secure precious AWS spectrum in key markets that will immediately be put to use by both T-Mobile and MetroPCS customers. This deal expands our network and capacity, allowing for a broader roll-out of 4G LTE and an even faster and more reliable 4G experience for our customers -- in addition to spurring competition in the wireless marketplace.” The FCC and Department of Justice both must sign off on the transaction. “Following the Market Divestiture that closed in May, we have been seeking opportunities to monetize other non-strategic assets,” said Kenneth Meyers, CEO of U.S. Cellular. “We're pleased to have achieved significant value for this spectrum license, as we continue to evaluate opportunities to create additional value for our shareholders.” Wells Fargo noted that the transaction prices the AWS spectrum at $0.95 per MHz/Pop. “The value of spectrum continues to increase,” Wells Fargo said in a research note. “Verizon paid $0.69 per MHz/Pop for SpectrumCo’s AWS spectrum in 2011. Today’s $0.95 price represents a 37 percent increase in the value of AWS spectrum."