For information on today's announcement, visit uscellularinfo.com.
As part of this transaction, the parties will enter into a number of related agreements, including Transition Services Agreements for network operations and billing and customer service. U.S. Cellular will retain its direct and indirect ownership interests in approximately 560 towers and other spectrum in the Transaction Markets.
For the nine months ended Sept. 30, 2012, the Transaction Markets generated service revenues of approximately $340 million (11 percent of reported consolidated service revenues) and, after all direct and indirect costs, incurred an operating loss.
The transaction is subject to Federal Communications Commission approval, compliance with the Hart-Scott-Rodino Act and other conditions. Subject to the satisfaction or (if permitted) waiver of all conditions, the transaction is expected to close by mid-2013.In connection with the Bolingbrook Customer Care Center transaction, the majority of the company's associates will become employees of the vendor partner, which will continue to provide services to U.S. Cellular through a transition period. Through the Bolingbrook and other Customer Care Center operations, the company will continue to deliver award-winning customer service. After transition and exit costs, the transaction is expected to reduce facilities expenses by more than $3 million annually beginning in 2014. Upon completion of the transaction, U.S. Cellular will continue to provide its customers with a high-speed nationwide network that has the highest call quality of any national carrier. U.S. Cellular, in partnership with King Street Wireless in certain markets, will offer 4G LTE service to 58 percent of its customers by the end of the year. For more information about the 4G LTE experience, visit uscellular.com/4G. Falkenberg Capital Corporation of Denver, Colo. represented U.S. Cellular in the transaction. Conference call informationU.S. Cellular will hold a conference call to discuss this transaction along with third quarter 2012 financial results on Nov. 7, 2012 at 7:30 a.m. CST.
- Access the live call on the Investor Relations page of uscellular.com or at http://www.videonewswire.com/event.asp?id=90531.
- Access the call by phone at 877-407-8029 (US/ Canada), no pass code required.
- Toll-Free Dial-In Number: 877-443-9194
- Passcode: 68605901
- The operator assisted International Dial-in Number is 720-398-0062.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV