May 28 Reuters TMobile will buy almost all of regional carrier United States Cellular39;s wireless operations including customers, stores and 30 of its spectrum assets in a deal valued at 4.4 billion, the telecom giant said on Tuesday.

U.S. Cellular39;s shares jumped more than 10 in trading before the bell and comes nearly ten months after the company said it was exploring strategic options.

U.S. Cellular will retain ownership of about 70 of its spectrum, its equitymethod investments as well as 4,400 telecom towers. It said TMobile will become a longterm tenant on at least at least 2,600 towers.

TMobile, which eyes improved coverage for its customers, will fund the deal in a combination of cash and up to 2 billion of debt to be assumed through an exchange offer to be made to some of U.S. Cellular39;s debtholders.

TMobile does not expect any impact on its financial forecast or shareholder return program for 2024. It expects an yield of about 1 billion in operating expense and capital spending cost synergies.

The deal is expected to close in mid2025 after regulatory approvals, and shareholders are not expected to act on this deal, U.S. Cellular said.

It added that Telephone and Data Systems, which is a 83 shareholder of the regional carrier, has provided written consent approving the deal.

Verizon was in talks to also buy parts of the regional carrier, WSJ reported earlier this month.

Reporting by Arsheeya Bajwa and Akash Sriram in Bengaluru; Editing by Vijay…