AT&T Closes Tower Transaction with Crown Castle
AT&T today announced that it has closed its agreement to lease 9,100 of its cell towers to Crown Castle for $4.83 billion. Under the terms of the agreement, AT&T also sold 600 cell towers to Crown Castle. Crown Castle now has exclusive rights to operate and maintain the cell towers, with most towers leased for a period of 28 years. After the leases expire, Crown Castle will have the option to purchase them for an additional $4.2 billion. AT&T will sublease the towers for at least 10 years beginning at $1,900 per month. AT&T may also reserve additional capacity on the towers for potential future use. AT&T called the deal a good move for the company, as it brings in a significant chunk of cash while leaving room for AT&T to add capacity to its network over time.
Verizon Exploring Tower Sale
Verizon Wireless is weighing whether or not to sell its cell towers to a third party, reports Reuters. Earlier this month Verizon's Chief Financial Officer Fran Shammo indicated the company is interested in such an idea.
T-Mobile Sells 600 Towers to Phoenix Tower
T-Mobile has finalized the sale of some 600 cell towers to Phoenix Tower International. The deal, first announced in August, transferred ownership and management rights to Phoenix Tower.
Sprint to Relocate Cell Sites In Bid to Cut Costs
Sprint hopes moving its radio infrastructure away from privately held companies to government-owned land and/or structures will help shave $1 billion in costs, reports Re/code. Sprint leases cell tower access from Crown Castle and American Tower, and lease rates are a significant part of it operational costs.
Verizon to Sell Landline Biz to Frontier for $10 Billion
Verizon Communications today confirmed plans to sell part of its wireline telephone and internet business to Frontier Communications for $10 billion. The deal covers Verizon's consumer and business assets in California, Florida, and Texas.
Sprint to Sell Certain Network Assets for $2.2 Billion
Sprint has agreed to sell select network assets to a company called Network LeaseCo and then lease back those assets for an unspecified sum. The move is meant to boost Sprint's cash position and will eventually add $2.2 billion to the company's coffers.