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T-Mobile USA to sell tower rights to Crown Castle for $2.4bn

01 октября 2012

T-Mobile USA Inc. agreed to sell the rights to about 7,200 of its towers to Crown Castle International Corp. for $2.4 billion in cash, as the wireless carrier looks to use the funds to upgrade its network.

The Wall Street Journal reported in late July that Crown Castle had emerged as the lead bidder for the towers.

The deal gives Crown Castle, a cell-tower company, exclusive rights to lease and operate the T-Mobile USA towers for about 28 years. After that, Crown will have the option to buy the towers for an additional $2.4 billion. The deal is expected to close in the fourth quarter.

The move is aimed at raising cash to help fund the operations of T-Mobile USA, which is owned by Deutsche Telekom AG. The efforts began after AT&T Inc., the country's No. 2 wireless carrier behind Verizon Wireless, dropped its $39 billion bid to buy T-Mobile USA last year in the face of regulatory opposition.

The proceeds from the tower sale are needed to help T-Mobile upgrade its network to a high-speed technology called LTE.

The agreement comes a little more than a week after T-Mobile USA named a new chief executive, John Legere.

Crown Castle's shares closed Thursday at $64.91 and Deutsche Telekom's American depositary shares closed at $12.59. Neither stock was active premarket

Источник: Total Telecom

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