Sprint Nextel to sell 3,000 towers to cut debt

25 Jul 2008

Ailing US mobile operator Sprint Nextel has announced it is selling more than 3,000 cell phone towers in a cash deal that will bring in USD670 million to help trim group debt. The company announced yesterday it will sell most of the towers to TowerCo and will then lease access on the towers to run its cellular phone network as well as build the new 4G WiMAX network it is developing with Clearwire. The final number of towers being sold under the plan has not been revealed and the final price will not be published until the deal closes in about 90 days. The proceeds from the sale will be used to help reduce Sprint Nextel’s USD24 billion of debt.