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July 24, 2008 11:55 a.m. EST
Ed Sutherland - AHN Editor New York, NY (AHN) - Sprint Nextel has sold the majority of its cell phone towers for around $670 million and will lease them back from the new owners, TowerCo, based in Cary, NC. The sell-off of more than 3,300 cell phone towers is the latest effort by the struggling wireless carrier to reduce its $24 billion in debt and improve its position against AT&T and Verizon Wireless. TowerCo, a private-equity-funded company, is among a number of firms that own towers and lease them back to carriers. Sprint continues to investigate whether there is interest in buying its Nextel unit, the Wall Street Journal reported.
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