AT&T has agreed to lease 9,100 of its cellphone towers to Crown Castle International Corporation and sell 600 of the units outright to the Houston-based tower operator for a combined total of $4.85 billion in cash, the telecommunications giant said Sunday.
AT&T says the lease rights run for an average of 28 years, and that the company has agreed to sublease back the towers’ wireless capacity from Crown Castle for at least 10 years. The deal also gives Crown Castle the right to purchase the towers for about $4.2 billion once the leases expire.
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