01:48 PM EDT, 06/03/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph.)

Telephone and Data Systems ( TDS/PV ) shares jumped over 15% in recent trading on Monday after the company agreed to sell its OneNeck IT Solutions and OneNeck Data Center Holdings to data center operator US Signal.

The agreement calls for US Signal to acquire all OneNeck operations, including data centers, cloud hosting, and solutions provider operations.

Telephone and Data Systems ( TDS/PV ) said the proceeds from the sale will be used for general corporate purposes, such as the expansion of its fiber program.

Financial terms of the deal, which is slated to be completed in Q3, were not disclosed.

Price: 22.98, Change: +3.09, Percent Change: +15.51