SARASOTA, Fla.-Global Signal Inc. said it has closed its transaction with Sprint Corp. under which it obtained the exclusive right to lease or operate 6,600 of Sprint’s communications towers for 32 years.
Global Signal will take over all existing collocation arrangements with tenants and can sublease space on the towers to third-party tenants.
Global Signal also has the option to purchase the towers and certain related assets from Sprint at the end of the lease term for about $2.3 billion. Global Signal paid about $1.2 billion in cash to Sprint as part of the transaction.
The tower company now owns, leases or operates about 11,000 towers and sites.
