American telecom service provider AT&T has closed its transaction to lease rights to 9,000 of its company-owned wireless towers to Crown Castle International and sale of 600 AT&T towers for $4.83 billion.
In a statement, AT&T said Crown Castle has exclusive rights to lease and operate approximately 9,000 AT&T towers. Crown Castle also has full operating rights to and responsibilities for the towers. AT&T will sublease capacity on the towers from Crown Castle, with access to additional reserve capacity on the towers for future use.
As per the earlier announced deal, AT&T expects no significant impact to financial results from this transaction. The telecom operator will use the proceeds for general corporate purposes, including opportunistic share repurchases and repayment of commercial paper.