T-Mobile to buy US Cellular's wireless operations in deal valued at $4.4 billion

T-Mobile will buy substantially all of regional carrier United States Cellular's wireless operations in a deal valued at $4.4 billion, the telecom giant said on Tuesday.

As part of the deal, T-Mobile will get U.S. Cellular's customers, stores and some of its spectrum assets, the company said.

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

T-Mobile will pay about $4.4 billion for the assets in a combination of cash and up to $2 billion of debt it will assume through an exchange offer to be made to some of U.S. Cellular's debtholders.