TDS board approves sale of UScellular wireless ops to T-Mobile for $4.4B; cuts common dividend 80%

TELEPHONE & DATA SYSTEMS INC /DE/

Sale of UScellular wireless ops and ~30% of spectrum to T-Mobile for $4.4B in cash and assumption of up to ~$2B debt; deal expected to close mid-2025.
TDS (83% owner of UScellular) has consented; transaction subject to regulatory approvals and customary conditions.
TDS declares Q2 2024 common dividend of $0.04/share, about 20% of prior level (80% cut); preferred dividends unchanged at $0.4140625/depositary share for Series UU and $0.375 for Series VV.
UScellular retains ~70% of spectrum assets; tower business to have T-Mobile as tenant on 2,015 incremental towers for at least 15 years.
TDS plans to use proceeds for fiber build-out and leverage reduction; may also return capital to shareholders.

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