Sprint inks deal to lease towers

Feb 14 2005 - 08:54 AM ET | Sprint Nextel
Sprint has finalized a deal to lease its towers to Global Signal Inc. for $1.202 billion. It was rumored that Sprint would sell the towers outright for the same amount. The lease runs 32 years at which point Global Signal will have the option to purchase the towers for $2.3 billion. Sprint has committed to sublease space on the towers from Global Signal for a minimum of 10 years at an initial rate of $1,400 per month, per tower.