Crown Castle International Corp. CCI and T-Mobile USA, Inc.
(“T-Mobile”), a subsidiary of Deutsche Telekom, AG (“DT”), announced today
that they have entered into definitive agreements pursuant to which Crown
Castle will acquire rights to approximately 7,200 T-Mobile towers for $2.4
billion in cash at closing (subject to certain adjustments). Under the
definitive agreements, Crown Castle will have the exclusive right to lease and
operate the T-Mobile towers for a weighted average term of approximately 28
years. In addition, Crown Castle will have the option to purchase such towers
at the end of the respective lease terms for aggregate option payments of
approximately $2.4 billion, which payments, if exercised would be primarily
between 2025 and 2048. The transaction is expected to close in fourth quarter
2012.
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