Sprint Nextel Corp. sold its 3,300 towers to TowerCo L.L.C. for $670 million, a move that provides the carrier with some cash and relieves it of the business of owning and managing the towers.
The companies expect the deal to close in 90 days.
The agreement could represent an effort by Sprint Nextel to pad its finances ahead of its second quarter earnings release. The carrier has been rumored to be suffering from customer churn and a slight let down in sales of its Samsung Electronics Co. Ltd. Instinct versus rival AT&T Mobility Inc. and its exclusive Apple Inc. iPhone. AT&T Mobility released its Q2 results Wednesday, with pleasing numbers all around.
TowerCo’s purchase continues a busy week for the tower sector. SBA Communications Corp. made two large tower purchases earlier this week.
Sprint Nextel sells 3,300 towers for $670M
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