Sprint sells towers to TowerCo for $670 million

Sprint sold its entire network of cellular towers to TowerCo with $670 million. TowerCo will be responsible for the maintenance and upkeep of the nearly 3,300 towers.

Under the deal, Sprint will lease the use of the towers back from TowerCo in a long-term agreement. Sprint hopes that this move will provide it with more operating cash flow and will also allow it to focus on its core services rather than dealing with the physical network infrastructure. Sprint currently has 53 million subscribers and operates its network using CDMA and iDen technologies.