AT&T and Crown Castle Close $4.83 Billion Tower Transaction
Crown Castle will lease about 9,000 towers, purchase about 600 towers from AT&T
Dallas, Texas, December 16, 2013
AT&T* announced today 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. 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.