Chicago-based wireless carrier U.S. Cellular (NYSE:USM) said that since its sale of spectrum to Verizon last month had been so successful, it decided to sell additional spectrum and arranged with T-Mobile (NASDAQ:TMUS) to purchase its Mississippi Valley 10MHz REA AWS spectrum license for $308 million.

The wireless carrier will partition and retain a portion of the license covering its markets in Knoxville and eastern Tennessee to meet future operating needs. U.S. Cellular, which is 85% owned by Telephone & Data Systems, provides wireless products and services to customers in 25 states.

U.S. Cellular President and CEO Kenneth R. Meyers said: "Following the market divestiture that closed in May, we have been seeking opportunities to monetize other non-strategic assets. We're pleased to have achieved significant value for this spectrum license, as we continue to evaluate opportunities to create additional value for our shareholders."

The carrier expects the transaction to close by the end of 2013. It was advised on the transaction by Media Venture Partners. Following the Verizon deal, U.S. Cellular paid its shareholders a special dividend of $5.75 per share.

Fool contributor Rich Duprey and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.