12:21 PM EDT, 10/18/2024 (MT Newswires) -- (Updates with United States Cellular's ( USM ) latest stock move in headline and first paragraph, and Verizon's stock move in the last paragraph.)

United States Cellular ( USM ) shares jumped nearly 11% in recent Friday trading after the company said it has agreed to sell a portion of its retained spectrum licenses to Verizon Communications ( VZ ) for $1 billion.

The company also said it agreed to sell 12 million MHz POPs of its spectrum licenses in the CBRS, C-Band and 700 MHz B/C Block bands to two unnamed mobile network operators for an undisclosed sum.

The transaction with Verizon includes the sale of 663 million MHz POPs of Cellular spectrum licenses and 30 million MHz POPs of AWS and PCS licenses.

Both transactions are subject to regulatory approvals and customary closing conditions.

United States Cellular ( USM ) said the transactions are contingent upon the closing of the proposed sale of UScellular's wireless operations and selected spectrum assets to T-Mobile.

After these transactions, UScellular will retain 3.4 billion MHz POPs of low and mid-band spectrum and 17.2 billion MHz POPs of mmWave spectrum, with plans to continue monetizing these assets.

Shares of Verizon were slightly higher in recent trading.

Price: 65.06, Change: +6.35, Percent Change: +10.82