Late Wednesday, communications service provider Sprint Nextel (NYSE:S) said they had sold 3,080 of their communications towers to TowerCo. The $670 million cash transaction is a strategic move that gives Sprint Nextel more liquidity as well as greater opportunity to run their business more efficiently. Additionally, Sprint Nextel will continue using the towers to service customers through a leasing agreement signed as part of the transaction. Sprint Nextel ended the day down 13 cents at $6.64 per share.

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