United States Cellular said on Friday it has agreed to sell some of its spectrum licenses to Verizon in a $1 billion deal. U.S. Cellular's shares jumped 3.9% in trading before the bell. The company will sell portion of its spectrum licenses used for mobile phone signals and high-speed data services to Verizon.

UScellular agreed a deal to sell spectrum to Verizon for $1 billion in cash and entered into agreements with two other mobile operators.