Sprint Nextel has completed the previously announced sale of approximately 3,080 towers to TowerCo for an estimated $670 million in cash, with the number of towers and sale price subject to post-close adjustment.
The two companies have also signed a long-term leasing agreement for TowerCo to provide Sprint Nextel with wireless communications towers to support the company's CDMA, iDEN and WiMAX networks.
Bob Azzi, senior vice president for network services at Sprint, said: 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. This deal also gives Sprint additional liquidity and greater flexibility in managing our business.
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