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Crown Castle Acquires Towers from AT&T

 (Image source: digitaltrends)

AT&T Inc. (NYSE:T) will lease and sell 9,700 wireless towers to Crown Castle International Corp. (NYSE:CCI), a provider of wireless network structures for $4.85 billion. The structure of the deal will allow Crown Castle to purchase 600 wireless towers and lease the remaining 9,100 towers for 28 years with an option in 2032 to purchase the towers for $4.2 billion. Half of the towers are located within the top 50 markets. AT&T will increase cash flows and have an opportunity to leaseback the towers from Crown Castle.