UScellular gets a new name once the T-Mobile deal closes August 1st
UScellular will get a new name and business focus when the deal with T-Mobile closes Friday.
This Friday, August 1st, the transaction between T-Mobile and U.S. Cellular will close. T-Mobile is paying $2.4 billion in cash and will assume $2 billion of UScellular debt. In return, 4 million UScellular customers will move to Team Magenta, and T-Mobile will also take possession of UScellular's retail stores and 30% of its spectrum in the 600 MHz, 700 MHz A Block, PCS, AWS, 2.5 GHz, and 24 GHz (mmWave) frequencies.
Thanks to the additional spectrum being received, the transaction will improve T-Mobile's network, especially in rural America. But what will happen to UScellular, once the fifth-largest wireless carrier in the country? First of all, UScellular will be getting a new name and some new executives. As soon as the deal closes this coming Friday, Douglas W. Chambers will become the interim President and Chief Executive Officer (CEO) of the post-closing business, which will be named Array Digital Infrastructure, Inc.
The company's business will focus on a portfolio of 4,400 towers owned by Array, along with its holdings of the remaining spectrum after T-Mobile takes over the agreed-upon airwaves. Chambers, currently UScellular's Executive Vice President, Chief Financial Officer and Treasurer, will oversee the operations and strategic initiatives related to the towers and the airwaves belonging to Array.
Chambers says, "I am honored to assume the role of interim CEO of Array at this pivotal time for the company, We have a great opportunity ahead of us and I look forward to working with the Board and our management team to continue to strengthen our tower business, seek opportunities to monetize our retained spectrum, and work towards closing the announced spectrum transactions."
As part of the shakeup, UScellular will be changing its New York Stock Exchange symbol from USM to AD. The USM symbol had been used by UScellular since it went public back in 1988. To go along with the name change, the company will introduce a new website and a new logo. The firm will remain headquartered in Chicago, Illinois.
"As we progress through the divestiture of the wireless operations, we are pleased to take these next steps in announcing leadership as well as the new legal name, Array Digital Infrastructure, Inc., of the post-closing company. Doug brings decades of industry experience and a robust understanding of the company's strategy and overall operations, making him well-suited to serve as interim President and CEO. The Board is confident that Doug is the right leader to oversee the successful transition to Array while we consider potential choices for a permanent CEO."
-LeRoy T. Carlson, Jr., Chairman of the Board, UScellular
Following the closing of the deal on Friday, the board of directors of Array is expected to approve a special dividend of $22.50 - $23.75 per Common Share and Series A Common Share.
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