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AT&T (T), Crown Castle (CCI) Close $4.83B Tower Deal

December 16, 2013 4:06 PM EST Send to a Friend
AT&T (NYSE: T) announced that it has closed its previously announced transaction to lease rights to approximately 9,000 of its company-owned wireless towers to Crown Castle International Corp. (NYSE: CCI) as well as the sale of approximately 600 AT&T towers. AT&T received approximately $4.83 billion at closing.

Under the terms of the leases, Crown Castle has exclusive rights to lease and operate approximately 9,000 AT&T towers. Crown Castle also has full operating rights to and responsibilities for the towers. AT&T will sublease capacity on the towers from Crown Castle, with access to additional reserve capacity on the towers for future use.

AT&T expects no significant impact to financial results from this transaction. The company will use the proceeds for general corporate purposes, including opportunistic share repurchases and repayment of commercial paper.




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