Sprint Nextel selling their towers
What’s next for Sprint users? Sprint Nextel has plans to sell approximately 3,300 towers to cell phone tower operator TowerCo for an estimated $670 million in cash, and then lease them back. It’s also reported that TowerCo will build the new 4G WiMax network with Clearwire (CTIA should be a real hoot with Sprint Nextel and Clearwire giving keynotes).
What will Sprint do with $670 million in cash? Pay down some debt.
Analysts of course are saying it’s no big deal because it’s standard industry practice. Verizon and AT&T do it to right?