Benzinga | Mar 11, 2021 08:34AM EST

US Cellular Expands 5G Mid-Band Spectrum Plan With C-Band Acquisition For $1.46B

* United States Cellular Corp (NYSE: USM) acquired 254 licenses covering 94% of its subscribers in the latest Federal Communications Commission (FCC) C-Band Auction 107, for an estimated $1.46 billion.

* The cost included gross bids, estimated relocation costs, and accelerated relocation incentive payments.

* U.S. cellular will have a mid-band spectrum in nearly all of its operating footprint along with previous mid-band acquisitions of CBRS spectrum in Auction 105.

* The company is focused on deploying 5G on 600 MHz spectrum and expanding it with a mid and high band spectrum. The auction enabled it to acquire 60 MHz in most key markets, including Wisconsin and Iowa.

* Price action: USM stock closed higher by 5.44% at $37.04 on Wednesday.