[July 24, 2008] Sprint Nextel sells towers to TowerCo Tweet (Telecomworldwire Via Acquire Media NewsEdge) Sprint Nextel (NYSE: S) has agreed to sell approximately 3,300 transmission towers to TowerCo for around USD670m in cash. The agreement will allow Sprint Nextel to concentrate on its core telecommunications business and provide Sprint Nextel with increased liquidity. TowerCo have additionally agreed to provide Sprint Nextel with wireless communications towers to support the company's CDMA, iDEN and WiMAX networks under a long-term leasing arrangement. Specific tower numbers, and final purchase price will be determined on closing. Subject to customary closing conditions, the transaction is expected to close in 90 days. Equity financing for this transaction will be provided by Tailwind Capital, Soros Strategic Partners II LP, Stone Tower Equity Partners and Vulcan Capital. Sprint Nextel was advised by Wachovia Capital Markets LLC, Citi and the law firm of Jones Day. TowerCo was advised by UBS Investment Bank and the law firm of Paul, Weiss, Rifkind, Wharton and Garrison LLP. ((Comments on this story may be sent to [email protected])) Copyright ? 2008 M2 Communications Ltd. [ Back To TMCnet.com's Homepage ]