Crown Castle to buy AT&T rights

Crown Castle International said last night that it had agreed to buy rights to about 9,700 AT&T wireless communication towers for $4.85bn 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 $4.2bn. The deal is expected to close by the end of the year.