Sprint Nextel Corp agreed to purchase from United States Cellular Corp its businesses in Chicago, St. Louis, Central Illinois and three other Midwest markets for $480 million in cash and the assumption of some liabilities.The company said it will use the additional spectrum to supplement its coverage in those areas as it upgrades its network and roll out high-speed 4G LTE wireless networks.Sprint, which agreed last month to sell a controlling stake to Japan's Softbank Corp for $20 billion, desperately needs a network upgrade as the increased use of devices such as smartphones and tablets require more high-speed bandwidth.The No. 3 mobile phone service provider said in October that it will carry Apple Inc's iPad mini and fourth-generation iPad on its 4G LTE network.
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S remained unchanged at $5.73. In the past year, the shares have traded as low as $2.10 and as high as $6.04. On average, 79721696 shares of S exchange hands on a given day and today's volume is recorded at 26120.
United States Cellular Corporation (U.S. Cellular) is a wireless telecommunications service provider. Shares of USM remained unchanged at $39.02. In the past year, the shares have traded as low as $36.30 and as high as $48.30. On average, 96324 shares of USM exchange hands on a given day and today's volume is recorded at 0.
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