Sprint buying some US Cellular markets for $480 million - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Sprint buying some US Cellular markets for $480 million

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OVERLAND PARK, KS (WKOW) -- Sprint says it's reached a deal to buy U.S. Cellular markets in the Midwest for $480 million to boost its network capacity as it upgrades its network.

Overland Park, Kansas-based Sprint Nextel Corporation says it's buying spectrum and 585,000 customers in Illinois, Indiana, Michigan, Missouri and Ohio.

That's 10 percent of U.S. Cellular's customer base and includes the Chicago company's Chicago and St. Louis markets.

The acquisition is expected to close in the middle of next year.

Sprint shares are down 6 cents, or 1 percent, to $5.67 in premarket trading. U.S. Cellular Corporation stock is unchanged before the opening bell.

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