is looking to sell around 7,000 of its cell phone towers and has attracted a lead bidder willing to pony up more than $2 billion, according to a news report. That bidder is Crown Castle International Corp., which is going up against American Tower Corp. and Global Tower Partners in bids to acquire T-Mobile's towers.
This isn't a done deal, according to unidentified sources who spoke with The Wall Street Journal
, but the price is right in line with what analysts estimated the towers would sell for. Parent company Deutsche Telekom made the decision to sell off the 7,000 U.S.-based towers earlier this year in an attempt to raise cash for T-Mobile's operations after AT&T's proposed $39 billion acquisition fell through.
T-Mobile's tower sale could be worth more than $2 billion.
Money generated from the sale will go towards upgrading T-Mobile's network to 4G LTE. T-Mobile previously said it plans to spend $4 billion beefing up its mobile broadband infrastructure. In addition to money received for selling the towers, T-Mobile figures to save billions of dollars annually simply by getting rid of them.