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

Sun Oct 20, 2013 5:28pm EDT

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

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

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

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