Sprint Sells Off its Cell Towers

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Sprint Nextel announced Thursday it plans to sell almost all of its wireless communication towers to TowerCo for $670 million in cash, InformationWeek reports:

“Under the terms of the deal, TowerCo will take over the operating and maintenance of approximately 3,300 towers that use Code-Division Multiple Access and Integrated Digital Enhanced Network technologies.” The report said that the two companies have also entered into a long-term lease that will let Sprint to run its cellular and WiMax networks from the towers, after the deal closes in the next three months.

Sprint has seen better days; while it’s the third largest of the four major carriers in the U.S. with 53 million subscribers, that number has declined steadily in recent months due to severe customer service issues and network troubles stemming from its ill-fated 2005 merger with Nextel.

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