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Friday, February 26, 2021

AT&T closes on Crown Castle deal

DALLAS (AP) — AT&T said Monday that it has closed on its deal with Crown Castle International Corp. to lease the rights of 9,000 of its company-owned wireless towers and sell approximately 600 more. The Dallas-based company received approximately $4.83 billion at closing.

AT&T first announced the deal in October. The company said Monday that it plans to use the proceeds to buy back stock and pay off debt.

The communications company expects no significant impact to financial results from this transaction.

Shares of AT&T added 30 cents to close regular trading at $34.15, in line with broader market trends. Its stock added 4 cents to reach $34.19 in after-hours trading following the announcement.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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