AT&T bulks up its bankroll in tower deal [telecom]

Oct 23, 2013 1 Replies

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Bill Horne 12 years ago

AT&T Agrees to $4.85 Billion Tower Deal With Crown Castle

By Scott Moritz & Serena Saitto - Oct 21, 2013

AT&T Inc. is banking $4.85 billion from yesterday's cell-tower deal with Crown Castle International Corp., giving it extra cash for network upgrades, new spectrum and a possible European expansion.

The agreement, which involves leasing or selling 9,700 wireless towers to Crown Castle, makes AT&T the latest carrier to offload antenna sites to independent operators -- a transaction that lets the company focus on growth areas or more profitable parts of the business.

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Garrett Wollman 12 years ago

This trend has been going on for a very long time in retail, and for about the past two decades in radio. There are a number of companies out there that function effectively as investment bankers for real estate, enabling property owners to free up capital in exchange for a long-term lease on the property. Crown Castle was one of the early players in this business, acquiring a large number of broadcast transmitter sites in the UK as the BBC and independent stations sold off their transmission facilities.

-GAWollman

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