Crown Castle To Pay $4.85B For AT&T Cell Tower Rights

Law360, New York (October 21, 2013, 2:47 PM EDT) -- Wireless infrastructure company Crown Castle International Corp. will pay $4.85 billion to AT&T Inc. for control of about 9,700 cell phone towers, the companies announced Sunday.

Crown Castle will fund the approximately 28-year lease agreement of 9,100 towers and the purchase of about 600 towers with cash on hand, equity and debt financing, including borrowing from its revolving credit facility.

Under the deal, Crown Castle will hold the exclusive rights to sublease and operate the AT&T-owned towers with the opportunity to purchase them at the end...
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