Verizon to Buy $1 Billion in Spectrum From US Cellular (1)

Verizon Communications Inc., the biggest wireless carrier in the US, will buy some of US Cellular Corp.’s spectrum licenses for $1 billion as the tower operator sheds parts of its portfolio.

The transaction, and agreements with two other mobile network operators, are contingent on closing a deal announced in May to sell wireless operations and some of its spectrum assets to T-Mobile US Inc., US Cellular said in a statement Friday.

The announcement came amid a push for US wireless companies to focus more on their core business. Verizon last month sold the right to lease thousands ...