AT&T Aims to Make Major Towers Sale (T)

Telecom giant AT&T (T) is reportedly shopping around a number of its wireless towers for interested buyers.

As of right now, the attempted sale is not public, but an unnamed source estimated that the assets for sale could be worth $5 billion, according to an article on Bloomberg. The sale comes as AT&T needs capital to make a few upgrades; the firm is planning a $14 billion overhaul of its network and an $11 billion share repurchase program.

Selling towers allows for AT&T to then lease them back and focus spending on other areas of the business. Currently, AT&T has about 10,000 towers that generate approximately $326 million in annual revenue.

AT&T’s stock was up 18 cents, or 0.52%, at Tuesday’s close. The stock is up 3% this year.