The assets are divided into 24 geographical clusters, 18 of which will be purchased by AT&T (NYSE: t).
The remaining six clusters are still being sought by private equity firms and U.S. Cellular.
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The assets include 2.1 million former Alltel subscribers across 22 states. The clusters are being sold for 5 times Ebitda.
Verizon (NYSE: vz) was required to divest some of the properties when it acquired Alltel early this year.
Verizon bought Alltel for $28.1 billion in January and surpassed AT&T as the biggest U.S. mobile service when it did. For more stories from CNBC, go to cnbc.com.