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T-Mobile US buying some spectrum for $308 million

BELLEVUE, Wash. (AP) -- T-Mobile US will spend $308 million to acquire advanced wireless services spectrum in the Mississippi Valley region from U.S. Cellular Corp.

The company said Friday that the acquisition will allow it to launch its 4G LTE network coverage in new markets, while also expanding the existing 4G LTD bandwidth there.

The 10 megahertz of spectrum covers 32 million people in 29 markets in the region that includes St. Louis; Nashville; Kansas City; Memphis; Lexington; Little Rock-North Little Rock; Birmingham; New Orleans and Louisville.

T-Mobile US CEO John Legere said the spectrum will immediately be put to use by its customers.

The deal still needs approval from the Federal Communications Commission and Justice Department. The transaction is expected to close in the fourth quarter, once it receives all of the necessary regulatory approvals.

T-Mobile US Inc. is a combination of T-Mobile USA and MetroPCS. The company started trading publicly last month.