US Cellular will sell select spectrum licenses to AT&T in a $1.02 billion cash deal, continuing to monetize the spectrum not part of the proposed sale to T-Mobile. A spectrum license allows carriers to use certain wireless bands for phone and data services in a given area.

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.

UScellular (NYSE: USM) sells spectrum licenses to AT&T for $1.018 billion, aligning with strategy to capitalize on assets. Deals total $2.02B so far.

The transaction is part of the regional wireless carrier's strategy to monetize its spectrum assets that were not part of the previously announced sale to T-Mobile. In May, U.S. Cellular entered into an agreement with T-Mobile to sell almost all of its wireless operations including customers,