US wireless carrier T-Mobile has sold its semiconductor business to Cogent Communications Holdings for $1, Reuters reported.

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At the same time, the company will spend $ 1 billion, taking on the costs of the transaction. The decision to sell the division was made in connection with the intention of T-Mobile to focus on expanding the range of 5G services and high-speed Internet.

The transaction is scheduled to close in the second half of 2023. Morgan Stanley and Houlihan Lokey acted as financial advisers to Cogent and T-Mobile, respectively.