US Cellular To Get Over $100 Million From Midwest Wireless Sale

US Cellular said it will receive US$117.4 million from the sale of Midwest Wireless Holdings to Alltel.

The Chicago telecommunications company said it had an interest of about 14% in Midwest Wireless Communications, which was convertible into an interest of about 11% in Midwest Wireless Holdings.

US Cellular received $95.1 million on Oct. 6 from Alltel's $1.075 billion transaction and expects to receive an additional $10.5 million in the near future.

US Cellular also expects an additional $11.8 million from its 49% stake in an entity that owned about 2.9% of Midwest Wireless Holdings.

As of June 30, the book value of U.S. Cellular's investments in the Midwest Wireless entities was $24.4 million.

Alltel, Little Rock, Ark., first announced the acquisition Nov. 18, 2005, and closed the agreement Oct. 3.

-Monica M. Clark; 201-938-5400; AskNewswires@dowjones.com

(END) Dow Jones Newswires"

Posted to the site on 11th October 2006