T-Mobile (NASDAQ: TMUS) To Acquire AT&T’s (NYSE: T) Spectrum

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People in Chicago may soon have something to smile about when it comes to their cell service.

In an effort to expand the company’s 4G LTE coverage in the U.S., T-Mobile US Inc. has entered into an agreement with AT&T Inc. to acquire spectrum in the 700 MHz band. AT&T had acquired this license as part of its takeover of Leap Wireless two years ago.

The agreement will help T-Mobile provide LTE network in the greater Chicago area.

After the completion of the AT&T deal, T-Mobile US will install LTE coverage in the top 10 markets of the U.S. No financial terms of the T-Mobile US – AT&T deal have been made public but the transaction is expected to close in the fourth quarter.

Back in 2014, T-Mobile US acquired 700 MHz spectrum from Verizon Communications Inc. in a deal worth multi-billions of dollars.
Disclaimer: We have no position in T-Mobile (NASDAQ: TMUS) nor AT&T (NYSE: T) and have not been compensated for this article.