Sprint finalizes tower sale
By Simon Sage on Thursday, September 25th, 2008 at 9:41 AM PST In Sprint
Sprint (NYSE: S) had signed off about 3,000 of their towers for $670 million back in June to TowerCo, who were going to handle the vast majority of Sprint’s backend from then onwards. Well, that deal has been wrapped up with a pretty pink bow, and Sprint has successfully bought the time it desperately needs to fend off increasing losses. The iDEN network is still up for grabs, but if this WiMAX project can get off the ground, it may prove to be a much-needed ace up the sleeve. Sprint continues to put a positive spin on the whole sale.
“Leasing rather than owning these network facilities is a more efficient use of resources and allows us to focus more closely on our core business of providing communications services to our customers,” said Bob Azzi, Sprint senior vice president – Network Services. “This deal also gives Sprint additional liquidity and greater flexibility in managing our business.”
[via Sprint]
