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TowerCo Completes $670 Million Deal with Sprint Nextel
- Client News
- September 25, 2008
Practices
Paul, Weiss client TowerCo LLC completed the acquisition of approximately 3,080 towers from Sprint Nextel for an estimated $670 million in cash; the number of towers and sale price are subject to post-closing adjustment. The two companies have entered into a long-term leasing agreement whereby TowerCo will provide Sprint Nextel with wireless communications towers to support the company's CDMA, iDEN and WiMAX networks. The transaction was 100 percent equity-financed by Soros Strategic Partners, Stone Tower Capital, Tailwind Capital Partners and Vulcan Capital.
The Paul, Weiss team representing TowerCo includes corporate partner Bruce A. Gutenplan and counsel Didier Malaquin; real estate partner Mitchell L. Berg; environmental counsel William J. O'Brien; and tax partner David R. Sicular.