AT&T targets US$5bn towers sale

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AT&T is looking to sell its wireless telecommunication towers for around US$5bn, in a move that will strengthen the US telecoms giant’s balance sheet as it embarks on a US$14bn upgrade of its network, a share buyback programme, and possible acquisitions in Europe.

AT&T confirmed back in March that it was open to the idea of selling the tower business along with other peripheral assets and has now engaged TAP Advisors and JP Morgan Chase to advise it on the sale.

The disposal will further the process of consolidation in the mobile-tower business, as the infrastructure needed to transmit signals for wireless communications fall into the hands of an increasingly small number of companies.

The likely prospective buyers for the AT&T operation are Crown Castle International, SBA Communications, and American Tower Corp, which agreed earlier this month to buy the parent company of Global Tower Partners for US$4.8bn (including debt).

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