Crown Castle to buy rights to AT&T towers for $4.85 bln

Reuters

Oct 20 (Reuters) - Crown Castle International Corp said on Sunday that it had agreed to buy rights to about 9,700AT&T Inc wireless communication towers for $4.85 billionin cash.

Under the agreement, Crown Castle will have the exclusiveright to lease and operate the AT&T towers for a weightedaverage term of about 28 years.

The company will have the option to purchase the towers atthe end of the lease terms for option payments of around $4.2billion.

The deal is expected to close by the end of the year.

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