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CHICAGO - The U.S. Department of Justice Antitrust Division has closed its investigation into the proposed transaction between T-Mobile and United States Cellular Corporation (NYSE:USM), the companies announced Friday. Parent company Telephone and Data Systems (TDS) has seen remarkable market performance, with shares surging 88% over the past year and trading near its 52-week high of $41.21.
The deal between T-Mobile and UScellular still requires approval from the Federal Communications Commission, according to a press release statement from UScellular and its parent company Telephone and Data Systems, Inc. (NYSE:TDS). According to InvestingPro data, TDS maintains a strong financial position with a healthy current ratio of 1.74 and an overall financial health score of "GOOD."
"The transaction remains subject to approval by the Federal Communications Commission (FCC), and we continue to work with the FCC as they complete their independent assessment," the companies said.
UScellular provides wireless products and services to 4.4 million retail connections across 21 states. The Chicago-based wireless carrier employed 4,100 full- and part-time associates as of March 31, 2025. Want deeper insights? InvestingPro offers exclusive access to 10+ additional ProTips and comprehensive financial analysis for TDS and over 1,400 other US stocks.
Telephone and Data Systems owns approximately 83 percent of UScellular as of the end of the first quarter of 2025. TDS, founded in 1969 and also headquartered in Chicago, provides wireless, broadband, video and voice services to approximately 5.5 million connections nationwide through UScellular and TDS Telecom. With annual revenue of $4.86 billion and a market capitalization of $4.53 billion, the company employed about 7,800 associates as of March 31, 2025.
The companies did not disclose specific details about the proposed transaction with T-Mobile in their announcement about the DOJ decision.
In other recent news, Telephone and Data Systems Inc. (TDS) reported its first-quarter 2025 earnings, showing a larger-than-expected loss and revenue falling short of forecasts. The company posted an earnings per share (EPS) of -0.09, missing the anticipated -0.01, while revenue came in at $1.15 billion, below the expected $1.17 billion. Meanwhile, TDS’s subsidiary, United States Cellular Corporation (UScellular), entered into a Fourth Amended and Restated Credit Agreement, creating a direct financial obligation for the company. In leadership changes, Ken Dixon has been appointed as the new President and CEO of TDS Telecommunications LLC, taking over from Jim Butman, who retired after over 40 years with the company. Additionally, TDS disclosed that Butman will receive a $2 million lump sum payment and other benefits as part of his transition agreement. The company is also focusing on its fiber expansion strategy, with plans to increase its fiber footprint by 150,000 addresses in 2025. Despite challenges, UScellular reported a positive development with a free cash flow increase of $18 million year-over-year.
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