Sprint (NYSE: S) Nextel is ditching its cellphone towers. In a bid to raise some much needed cash, the troubled carrier has agreed to sell nearly all of its towers to the private-equity backed firm TowerCo for around $670 million in cash, the two companies announced Wednesday. Sprint will sell around 3,300 towers to TowerCo and lease them back from the firm for both its current CDMA and iDEN networks, as well as for its future WiMax efforts.
Sprint Nextel
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