Subject: [NEXTEL-1] Property Swap Gives U.S. Cellular 54 Mil. Pop Footprint

From: Marcel <[email-masked]>
Date: Wed, 12 Mar 2003 01:43:23 -0500

1353 PST

Monday, March 10, 2003

Property Swap Gives U.S. Cellular 54 Mil. Pop Footprint

by John Byrne

U.S. Cellular and AT&T Wireless announced a property swap March 10
that will result in 12.2 mil. incremental pops for U.S. Cellular. AT&T
Wireless will gain access to 25 MHz licenses covering 1.5 mil. pops in
northern FL and southern GA. AT&T had previously been U.S. Cellular’s
primary roaming partner in the market, so in addition to gaining 141K
customers and 205 cell sites, AT&T will reduce its incollect costs.
U.S. Cellular will acquire 10 and 20 MHz PCS licenses in 36 markets,
including Oklahoma City, OK; St. Louis and Springfield, MO; Indianapolis,
IN, Burlington, VT and Portland, ME. In addition to new markets, the
company gains incremental spectrum in 4.4 mil. pops it already owns.
U.S. Cellular retains two additional Florida holdings in Daytona and Ft.
Pierce, FL but it’s likely those markets will be sold as well as the company
focuses on its Midwest and Northeast markets. Other properties could
conceivably be on the block as well--the company has clusters in the
mid-Atlantic, southern Texas and the northwest. With wireless valuations
still in the tank, it’s a good bet any further dealmaking this year could be in
the form of continued swaps or swaps plus cash (AT&T will pay U.S.
Cellular $31 mil. as part of this deal) and not outright sales.

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