Sprint to sell about 3,300 towers for $670 mln in cash

SAN FRANCISCO (MarketWatch) -- Sprint Nextel late Wednesday said it will sell about 3,300 towers to TowerCo for $670 million in cash. The two companies have agreed to a long-term leasing agreement where TowerCo will provide Sprint Nextel with wireless communications towers to support the company's 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, Sprint Nextel's senior vice president of field engineering and operations, in a statement. The specific number of towers and final price will be decided at the closing of the deal which is expected to take place in... [read full story]