U.S. Cellular Announces Sale of Towers in Divested Markets

NEWS PROVIDED BY United States Cellular Corporation

CHICAGO, Dec. 11, 2014

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.  

About U.S. Cellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to 4.7 million customers in 23 states. The Chicago-based company had 6,500 full- and part-time associates as of Sept. 30, 2014. At the end of the third quarter of 2014, Telephone and Data Systems, Inc. owned 84 percent of U.S. Cellular. For more information about U.S. Cellular, visit uscellular.com.

Visit investors.uscellular.com for comprehensive financial information, including earnings releases, quarterly and annual filings, shareholder information, and more.

About Vertical Bridge

Vertical Bridge REIT, LLC is the largest private owner and operator of communications infrastructure and locations in the United States, with a portfolio of more than 500,000 sites, including over 11,000 owned and master-leased towers and the nation’s largest and tallest collection of broadcast tower sites. The Company’s portfolio spreads across all 50 states and Puerto Rico and is comprised of towers, rooftops, billboards, utility attachments, convenience stores and other locations in support of wireless network deployments. In addition to colocation, Vertical Bridge offers build-to-suit, edge data centers and in-building wireless network solutions.

Based in Boca Raton, Florida, Vertical Bridge was founded in 2014 and is led by a senior management team with over 400 years of collective experience in tower infrastructure and related sectors. Vertical Bridge became the first tower company in the world to achieve the CarbonNeutral® company certified status in 2020 and has been recertified every year since. For more information, please visit www.verticalbridge.com.

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SOURCE United States Cellular Corporation

Related Links

http://www.uscellular.com

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