TowerCo -- Engadget

TowerCo posts

Sprint Nextel sells off "nearly all" of its towers to TowerCo for $670 million

by Darren Murph, posted Jul 24th 2008 at 11:43PM

Details are scarce right now, but you can make of it what you will. Sprint hasn't been in the best of situations since it acquired Nextel in 2005, and while this move may not be seen by everyone as definitively negative, it certainly is worth noting. The flagging carrier sold off "nearly all" (around 3,300) of its wireless communication towers to TowerCo for some $670 million in cash. According to Sprint Nextel's Bob Azzi, the move to lease rather than own these network facilities will enable it to "better focus on its core business of providing communications services to consumers, businesses and government customers." He continued by noting that the transaction "provides Sprint Nextel with additional liquidity [for] greater flexibility in managing the company." Whatever you say, sir.

[Via InformationWeek]