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Fox McCloud
EVDO Junkie
Joined: 02 Dec 2006
Posts: 618
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 Posted: Fri Jul 25, 2008 12:17 am Post subject: Sprint Sells off it's towers |
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| Quote: | Sprint Sells Cell Towers For $670 Million
The deal will allow Sprint to focus on its core services and provide a much-needed cash infusion.
By Marin Perez
InformationWeek
July 24, 2008 02:58 PM
Sprint Nextel (NYSE: S) announced Thursday it would be selling nearly all of its wireless communication towers to TowerCo for $670 million in cash.
Under the terms of the deal, TowerCo will take over the operating and maintenance of approximately 3,300 towers that use Code-Division Multiple Access and Integrated Digital Enhanced Network technologies. The two companies have also entered into a long-term lease that allows Sprint to run its cellular and WiMax networks from these towers. The deal is expected to close in 90 days.
"By leasing rather than owning these network facilities, we can better focus on our core business of providing communication services to consumers, businesses, and government customers," said Bob Azzi, Sprint's senior VP, field engineering and operation, in a statement. "Significantly, this transaction provides Sprint Nextel with additional liquidity which gives us greater flexibility in managing our company."
While Sprint is currently the third-largest mobile operator in the U.S. market with about 53 million subscribers, the company has seen a steady decline in revenue and profits since the 2005 acquisition of Nextel. The wireless operator has long been rumored to be an acquisition target.
The company has seen a bit of a rebound lately, particularly with the hot-selling Samsung Instinct. Sprint is expected to announce an improved customer turnover rate for the second quarter.
TowerCo was founded in 2004 by Tailwind Capital, and manages more than 8,000 communications towers.
"These are great towers concentrated in large metropolitan markets throughout the United States and will benefit as wireless communications continue to grow," said Richard Byrne, TowerCo's CEO, in a statement. |
source: http://www.informationweek.com/news/mobility/business/showArticle.jhtml?articleID=209600529
Man, ever since the new CEO came in, it's been downhill from there....I knew there would be trouble when Foresee left.
Last edited by Fox McCloud on Fri Jul 25, 2008 12:49 pm; edited 1 time in total |
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xchpstang
EVDO Junkie
Joined: 16 Jun 2005
Posts: 225
Location: Turlock, CA
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| Posted: Fri Jul 25, 2008 8:50 am Post subject: |
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| I think you have it all mixed up. Gary Forsee is the one that drove Sprint to the ground which is why he got fired. You are reading too much into this as this is something that is common since wireless companies are not in the business of real estate investing. |
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n6gn
EVDO Junkie
Joined: 22 Aug 2006
Posts: 555
Location: Northern California
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| Posted: Fri Jul 25, 2008 10:25 am Post subject: |
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| xchpstang wrote: | | wireless companies are not in the business of real estate investing. |
That certainly does seem to be the case. I was surprised it wasn't Crown-Castle that picked up the towers,I think they already have approximately a majority of sites in the US.
From their map, TowerCo looks to have primarily owned sites in the East. I wonder if the post-acquisition map will be more national. I don't know where Sprint's holdings were.
n6gn |
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dan1101
EVDO User
Joined: 17 May 2007
Posts: 67
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| Posted: Fri Jul 25, 2008 11:27 am Post subject: |
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| That can't be good. A cash infusion for a while, then they have to pay for all their airtime. |
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