Shares of mobile provider Verizon ($VZ) are slightly higher in today’s trading after announcing that it will shell out $1 billion to purchase

United States Cellular said on Friday it has agreed to sell some of its spectrum licenses to Verizon in a $1 billion deal.

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.

United States Cellular Corporation (NYSE:USM) shares are trading higher on Friday after the company agreed to sell part of its retained spectrum licenses to Verizon Communications Inc. (NYSE:VZ) for $1.

While U.S. Cellular awaits its pending sale to T-Mobile to close, the Chicago-based company has agreed to sell selected spectrum licenses for $1 billion.