Sprint to sell towers to TowerCo

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Struggling wireless carrier Sprint Nextel has agreed to sell almost all of its cellular towers to the aptly named TowerCo in an effort to generate some cash. The Wall Street Journal reported that the deal is expected to raise about $670 million, which Sprint will most likely use to pay down some of its $24 billion debt.

Though the exact number of towers to be sold hasn’t been finalized, the WSJ said a Sprint spokesperson estimated 3,300, or most of the carrier’s towers. Sprint will then lease the towers from the private-equity backed TowerCo in order to run its network.

Details are expected to be hammered out and the deal closed within 90 days.

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