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Sprint Nextel Sells 3,000 Towers for $670 Million

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Sprint Nextel is to sell approximately 3,300 towers to TowerCo for approximately USD670 million in cash. Additionally, the two companies have entered into a long term leasing agreement where TowerCo will provide Sprint Nextel with wireless communications towers to support the company's CDMA, iDEN and WiMAX networks.

"By leasing rather than owning these network facilities, we can better focus on our core business of providing communications services to consumers, businesses and government customers," said Bob Azzi, senior vice president, Field Engineering and Operations, Sprint Nextel. "Significantly, this transaction provides Sprint Nextel with additional liquidity which gives us greater flexibility in managing our company."

"These are great towers concentrated in large metropolitan markets throughout the U.S. and will benefit as wireless communications continue to grow," said Richard Byrne, TowerCo's CEO.

The specific number of towers and final purchase price will be determined at closing. The transaction, subject to customary closing conditions, is expected to close in 90 days.

Equity financing for this transaction will be provided by Tailwind Capital, Soros Strategic Partners II LP, Stone Tower Equity Partners and Vulcan Capital.

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