Sprint has put it’s recently acquired cash from Softbank to use. The company has acquired spectrum as well as around 585,000 subscribers in the Midwestern markets from U.S. Cellular for $480 million.

This is the first deal the company has announced since the $3.1 billion in cash infusion from Japanese telecom Softbank only last month.

U.S. Cellular will exit the Midwest and lose around 10% of its subscriber base but be able to focus better on the rest of the markets where it has the highest penetration and increase efficiency, if the deal receives regulatory approval (which is expected by mid-2013).

via Forbes