T-Mobile is also transferring other kinds of spectrum licenses to Verizon Wireless that the companies value at about $950 million.
The deals, combined with T-Mobile's existing holdings, will give T-Mobile low-band spectrum in nine of the top 10 U.S. markets.
(Read more: T-Mobile CEOshrugs off AT&T's bid to swipe customers)
A T-Mobile iPhone 5John Moore | Getty Images
Low-band spectrum boosts cellular coverage inside buildings and in rural areas. It also has the ability to travel greater distances than high-band spectrum, making it a more efficient way to provide coverage at the edge of cities and in less densely populated areas.
T-Mobile US, owned by Germany's Deutsche Telekom, plans to roll out service and compatible phones as early as the fourth quarter of 2014. The deals are expected to close in mid-2014 and remain subject to regulatory approvals.
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—By The Associated Press