BRIEF: Sprint selling towers for $670 million

Jul 24, 2008 (The Kansas City Star - McClatchy-Tribune Information Services via COMTEX) -- S | Quote | Chart | News | PowerRating -- Sprint Nextel said today it will sell 3,300 towers in a deal for $670 million in cash.

"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," Bob Azzi, senior vice president for field engineering and operations for Sprint, said in a statement. "Significantly, this transaction provides Sprint Nextel with additional liquidity which gives us greater flexibility in managing our company."

The deal with TowerCo is expected to close within about three months.

Sprint said that equity financing for the transaction was coming from Tailwind Capital, Soros Strategic Partners II LP, Stone Tower Equity Partners and Vulcan Capital.

To reach Jason Gertzen, call 816-234-4899 or send e-mail to jgertzen@kcstar.com.

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