AT&T Buys US Cellular Spectrum Assets for $1 Billion

US Cellular Corp. agreed to sell some spectrum assets to AT&T Corp. for $1.02 billion as the tower operator continues the sale of its portfolio.

Chicago-based US Cellular controls one of the largest tower businesses in the US. The transaction is part of the company’s plan to “opportunistically monetize” the spectrum that wasn’t included in a previously announced sale to T-Mobile US Inc. in May for $4.4 billion, and follows a similar deal with Verizon Communications Corp. and two other mobile network operators in October.

“As with the other mobile network operators, we are confident that AT&T can put it ...