Sprint Nextel today announced it has completed its widely-publicized sale of 3,080 towers to TowerCo for approximately $670 million, with the exact number of towers and sale price subject to change after the deal closes.
As part of the deal, TowerCo will then lease back Sprint Nextel with wireless communications towers to support the company’s CDMA, iDEN and WiMAX networks.
“Leasing rather than owning these network facilities is a more efficient use of resources and allows us to focus more closely on our core business of providing communications services to our customers,” said Bob Azzi, Sprint senior vice president of Network Services, in a statement. “This deal also gives Sprint additional liquidity and greater flexibility in managing our business.” Strange, the world of Wall Street.
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