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Global Signal Closes $1.2 Billion Sprint Transaction.

Publication: PR Newswire
Publication Date: 26-MAY-05
Format: Online
Delivery: Immediate Online Access

Article Excerpt
SARASOTA, Fla., May 26 /PRNewswire-FirstCall/ -- Global Signal Inc. today announced that it has closed its previously disclosed transaction with Sprint Corporation under which Global Signal will have the exclusive right to lease or operate approximately 6,600 communications towers for 32 years. Under the terms of the transaction, Global Signal will also have the option to purchase the towers and certain related assets from Sprint at the end of the lease term at a price of approximately $2.3 billion. At the closing, Global Signal paid approximately $1.2 billion in cash to Sprint for the transaction.

As the exclusive operator of the Sprint towers, Global Signal will take over existing collocation arrangements with tenants who currently...

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