CHICAGO, Dec. 11, 2014 /PRNewswire/ — United States Cellular Corporation (NYSE: USM) today announced that it has entered into a definitive agreement with Vertical Bridge Holdings, LLC to sell 595 towers for approximately $159 million. The transaction is expected to close in the first quarter of 2015.
“We are very pleased to announce this transaction,” said Kenneth R. Meyers, U.S. Cellular president and CEO. “We will use the proceeds from the sale of these non-strategic assets to invest in other long-term investments that position U.S. Cellular for future growth opportunities.”
“Vertical Bridge is excited to acquire this portfolio of towers in large metropolitan markets,” said Alexander L. Gellman, CEO of Vertical Bridge. “Many of these sites are in locations that would be very difficult to replace. We are also happy to work again with a quality counterparty like U.S. Cellular.”
Wells Fargo Securities, LLC and TD Securities (USA) LLC served as financial advisors to U.S. Cellular on this transaction.