United States Cellular Corporation (NYSE:USM) shares are trading higher on Friday after the company agreed to sell part of its retained spectrum licenses to Verizon Communications Inc. (NYSE:VZ) for $1.

While U.S. Cellular awaits its pending sale to T-Mobile to close, the Chicago-based company has agreed to sell selected spectrum licenses for $1 billion.

United States Cellular said on Friday it has agreed to sell some of its spectrum licenses to Verizon in a $1 billion deal.

Verizon Communications Inc., the biggest wireless carrier in the US, will buy some of US Cellular Corp.’s spectrum licenses for $1 billion as the tower operator sheds parts of its portfolio.

U.S. Cellular entered an agreement to sell a portion of its retained spectrum licenses to Verizon for $1 billion in cash.

The telecom company says it is continuing to cash in on spectrum not included in its proposed sale to T-Mobile.

Shares of mobile provider Verizon ($VZ) are slightly higher in today’s trading after announcing that it will shell out $1 billion to purchase

Verizon Communications Inc., the biggest wireless carrier in the US, will buy some of US Cellular Corp.’s spectrum licenses for $1 billion as the tower operator sheds parts of its portfolio. Most Read from BloombergA Broken Oil Pipeline Plunges South Sudan’s Capital Into ChaosInside the ‘Utopias’ of Mexico CityCities Look to AI to Flag Residents’ Trash and Recycling MistakesOne City’s Plan to Re-Link a Neighborhood That Robert Moses DividedChicago Should Consider Furloughs,