Crown Castle International Corp. (NYSE: CCI) will buy the rights to 7,200 T-Mobile USA Inc. towers for $2.4 billion in cash.
Crown Castle, a Houston-based wireless-infrastructure operator, will have the exclusive right to lease and operate the towers.
After the deal closes, Crown Castle will own 30,000 towers and hopes the newly-acquired assets will be able to accommodate one additional tenant per tower.
Bellvue, Wash.-based T-Mobile expects the deal to help modernize its network. T-Mobile is the U.S. wireless operation of Deutsche Telekom AG (OTCQX: DTEGY), which is headquartered in Bonn, Germany.
Jones Day acted as T-Mobile’s adviser.