July 24, 2008

Sprint to Sell Cellphone Towers To Pay Off Some Of Debt

Sprint Nextel Corp. agreed to sell nearly all its cellphone towers - around 3,300 of them - to a private-equity-backed firm called TowerCo in a deal that will generate about $670 million in cash for the struggling wireless carrier.

Sprint is expected to use the money raised from the sale to pay down some of its $24 billion in debt.

[via the WSJ]

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