CrownCastle Paying T-Mobile $2.4 Billion In Cash For 7,200 Cell Phone Towers

Crown Castle is a major wireless tower operator company that has agreed to pay T-Mobile $2.4 billion in cash for 7,200 cell phone towers.  Crown Castle will lease the towers for around 28 years.  After that they will have the option to purchase the assets from T-Mobile.

“We are pleased to reach this mutually beneficial agreement with CrownCastle,” stated T-Mobile USA head John Legere, . “T-Mobile USA is working aggressively to make our 4G network stronger, faster and more dependable for consumers, and this transaction will support our ongoing $4 billion network modernization initiative that is the cornerstone of this effort.”

This deal is expected to close in Q4 of this year.  CrownCastle’s network of towers will increase by a third.  The transaction will be financed with cash and debt.

[NYT]