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.