Following the sale of several wireless markets to Verizon in which U.S. Cellular (NYSE:USM) received $480 million, the cellular services provider announced yesterday that it will be paying investors a special dividend of $5.75 per share.

The board of directors said the special dividend is payable on June 25 to the holders of record at the close of business on June 11.

U.S. Cellular President and CEO said: "We have a strong balance sheet and ample liquidity from our cash balances and the recent divestiture transaction, enabling us to issue this special cash dividend and continue to invest in our business and pursue our strategic initiatives to position U.S. Cellular for long-term success."

The Chicago-based wireless carrier does not pay a regular dividend.