T-Mobile USA said Friday it had signed a deal worth $2.4 billion with Crown Castle to rent its network of 6,400 wireless communications towers in the United States.
"Subject to a one-off payment of $2.4 billion, Crown Castle will receive the sole right to use and lease out the wireless communications towers for approximately 28 years," the Deutsche Telekom subsidiary said in a statement.
"Payment will be made at the closing of the deal which is expected in the fourth quarter of 2012," the firm added.
T-Mobile will continue to use the equipment and will pay Crown Castle an annual fee for this right.
"We have found an intelligent way to strengthen T-Mobile USA among competitors and reduce the group's net debt at the same time," said Deutsche Telekom chief financial officer Timotheus Hoettges.
Investors appeared relatively unfazed by the news, with Deutsche Telekom stock down 0.82 percent in mid-afternoon trading at about the same level as the wider DAX stock market.