AT&T Inc. agreed to a sale and leaseback of its remaining domestic company-owned wireless towers to Peppertree Capital Management Inc. in a deal valued at up to $680 million.
Under the terms of the transaction, AT&T will sell more than 1,000 towers to Peppertree and lease back capacity on the towers from the private equity firm. The transaction is subject to certain closing conditions, including due diligence, according to an Oct. 25 news release.
AT&T said the sale is consistent with its plans to monetize nonstrategic assets to pay down debt. The U.S. carrier expects to close a "substantial number" of the towers by year-end and the remaining in subsequent closings.