Citing sources who were familiar about the matter, Bloomberg reported that AT&T Inc. was looking for buyers who were interested in its wireless towers that would fetch USD5 billion whe sold. The sources also said the largest US phone company had already tapped JPMorgan Chase & Co. and TAP Advisors LLC to assist on the sale of the towers.
One of the sources, who declined to be identified as the sale process has not been made public, said potential buyers included American Tower Corp, Crown Castle International Corp and SBA Communications Corp. Earlier in March, AT&T had expressed its intention in selling its wireless towers and other peripheral assets.
According to Reuters, proceeds from the wireless tower sale would offset AT&T's expenses including its USD14 billion upgrade of its network, planned acquisitions in Europe and a USD11 billion share buyback.
The industry saw tower operators like American Tower and Crown Castle consolidating lately as it presented opportunities to dominate the tower market while also benefiting from the wireless industry by leasing the assets back.
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