Archived from groups: alt.cellular.sprintpcs (More info?)
Sprint to sell signal towers for $1.2B
By Jennifer Inez Ward, Marke****ch
Last Update: 12:10 AM ET Feb. 8, 2005
SAN FRANCISCO (Marke****ch) -- Sprint Corp. plans to sell more than
6,000 cellular-phone towers to Global Signal Inc. for about $1.2
billion to raise cash that may be used for network upgrades while it
leases back the towers, according to published reports late Monday.
The agreement for the signal-transmission towers may be announced as
early as Tuesday, according to published reports citing unnamed people
familiar with the matter.
According to published reports, Sprint, which has agreed to buy Nextel
Communications (NXTL: news, chart, profile) for $35 billion, said in
June that it would spend $1 billion through early 2006 on equipment for
providing high-speed wireless data services.
"It definitely frees up a lot of cash," Bloomberg News Service quoted
Clayton Moran, an analyst at Stanford Group Co. as saying. Sprint
could, "use the proceeds of a sale to reinvest in its network."
According to published reports, Sprint (FON: news, chart, profile) long
has wanted to sell its towers and then lease them. A deal with Global
Signal could be used to help Sprint reduce its debt.
Sarasota, Fla.-based Global Signal (GSL: news, chart, profile) and
Sprint reportedly declined to comment. Global owns, leases and manages
wireless communications towers and other communications sites,
according to its Web site. According to published reports, Global
Signal, which owns more than 3,000 towers, has bought three tower
companies since emerging from bankruptcy in November 2002.
Sprint, which has said at least since 2000 that it might sell its
towers, is beefing up other wireless operations as local- and
long-distance calling businesses decline, according to published
reports
According to the reports, mobile phone companies like Sprint are
building third generation networks, which help turn mobile phones and
laptop computers into devices that provide rapid wireless Internet
access.
Besides its third-generation project, Sprint could use sale proceeds to
improve the scope and quality of its voice network, Bloomberg quotes
Moran as saying
Bank of America Corp. (BAC: news, chart, profile) and Citigroup Inc.
(C: news, chart, profile) are advising Sprint on the sale, according to
reports.
According to reports, Sprint's network includes the towers it plans to
sell as well as about 16,000 rented from other companies.
On Monday Sprint shares closed down 60 cents to $23.95. Global Signal
shares closed at $28.02, up 23 cents or 0.83 percent.
http://cbs.marke****ch.com/news/sto...amp;dist=google
Sprint to sell signal towers for $1.2B
By Jennifer Inez Ward, Marke****ch
Last Update: 12:10 AM ET Feb. 8, 2005
SAN FRANCISCO (Marke****ch) -- Sprint Corp. plans to sell more than
6,000 cellular-phone towers to Global Signal Inc. for about $1.2
billion to raise cash that may be used for network upgrades while it
leases back the towers, according to published reports late Monday.
The agreement for the signal-transmission towers may be announced as
early as Tuesday, according to published reports citing unnamed people
familiar with the matter.
According to published reports, Sprint, which has agreed to buy Nextel
Communications (NXTL: news, chart, profile) for $35 billion, said in
June that it would spend $1 billion through early 2006 on equipment for
providing high-speed wireless data services.
"It definitely frees up a lot of cash," Bloomberg News Service quoted
Clayton Moran, an analyst at Stanford Group Co. as saying. Sprint
could, "use the proceeds of a sale to reinvest in its network."
According to published reports, Sprint (FON: news, chart, profile) long
has wanted to sell its towers and then lease them. A deal with Global
Signal could be used to help Sprint reduce its debt.
Sarasota, Fla.-based Global Signal (GSL: news, chart, profile) and
Sprint reportedly declined to comment. Global owns, leases and manages
wireless communications towers and other communications sites,
according to its Web site. According to published reports, Global
Signal, which owns more than 3,000 towers, has bought three tower
companies since emerging from bankruptcy in November 2002.
Sprint, which has said at least since 2000 that it might sell its
towers, is beefing up other wireless operations as local- and
long-distance calling businesses decline, according to published
reports
According to the reports, mobile phone companies like Sprint are
building third generation networks, which help turn mobile phones and
laptop computers into devices that provide rapid wireless Internet
access.
Besides its third-generation project, Sprint could use sale proceeds to
improve the scope and quality of its voice network, Bloomberg quotes
Moran as saying
Bank of America Corp. (BAC: news, chart, profile) and Citigroup Inc.
(C: news, chart, profile) are advising Sprint on the sale, according to
reports.
According to reports, Sprint's network includes the towers it plans to
sell as well as about 16,000 rented from other companies.
On Monday Sprint shares closed down 60 cents to $23.95. Global Signal
shares closed at $28.02, up 23 cents or 0.83 percent.
http://cbs.marke****ch.com/news/sto...amp;dist=google
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