Sprint Nextel (NYSE: S) announced Thursday it would be selling nearly all of its wireless communication towers to TowerCo for $670 million in cash.
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.
Sprint Sells Cell Towers For $670 Million — Cellular Networks — InformationWeek.
Probably not a bad idea considering the financial shape Sprint is in. In addition to receiving a cash infusion, the sale would save the company money. Instead of having to pay for the upkeep of these towers, the carrier can just lease them, and leave that to another company.
Makes sense, and they’ll probably save some money too.
