Quote:
According to a post in this morning's Wall Street Journal, Sprint is planning to sell nearly all of their cell towers to a private-equity-backed firm called TowerCo. The deal will bring a $670 million cash infusion to the struggling company, which they'll be using to pay down some of the company's $24 billion debt load. Sprint will then lease back its own towers, expected to be around 3,300 total, from Towerco.
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SOURCE:
Sprint Sells Towers To Pay Down Debt - Will then lease access to their own towers... - dslreports.com
Most cell phone companies lease space on towers, so this isn't out of the ordinary. Back when Sprint started, they decided to build their own network and owned most of their towers.
They own over 50,000 towers total, so this is a really small portion.
07-24-2008, 07:39 PM
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