AT&T said Monday it closed its $4.83 billion...
AT&T said Monday it closed its $4.83 billion deal with Crown Castle International (http://soc.att.com/1hi7zKb). The deal, announced in late October, gave Crown Castle control of more than 9,000 AT&T towers for an average of 28 years. Crown Castle will have…
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the option to buy the towers for $4.2 billion at the end of that period. AT&T also sold the tower company about 600 AT&T towers as part of the deal. AT&T will lease back space on the towers for at least the next 10 years, but has the option to re-up its leases for the next 50 years (CD Oct 22 p5). AT&T said it will use the proceeds from the sale for “general corporate purposes, including opportunistic share repurchases and repayment of commercial paper."