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Bond Market News
T-Mobile Wins FCC Approval on $4.4bn Acquisition of US Cellular’s Assets
July 14, 2025
The Federal Communications Commission (FCC) has approved T-Mobile’s $4.4bn acquisition of most of US Cellular’s wireless business, clearing the way for one of the largest telecom deals in recent years. The agreement gives T-Mobile 4.5mn new customers across 21 states, along with a portion of US Cellular’s spectrum licenses. However, US Cellular will retain about 70% of its spectrum and all of its 4,400 wireless towers.
The FCC’s approval follows the Justice Department’s decision to not challenge the deal on antitrust grounds. Regulators expect the transaction to deliver expanded network capacity and improved coverage for both T-Mobile and US Cellular customers. The deal is expected to close soon as a few final conditions are pending, and T-Mobile is set to assume $2bn of US Cellular’s debt under the terms agreed in May 2024.
US Cellular’s 6.7% 2033s are down by 0.2 points at 104.78 yielding 5.97%. T-Mobile’s 5.15% 2034s are down by 0.4 points at 100, yielding at par.
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