Global Signal paying $1.2 billion for cellular towers

? Cellular phone tower operator Global Signal Inc. will pay $1.2 billion cash for the right to operate or lease more than 6,600 towers owned by Sprint Corp. for 32 years, the firms announced Monday.

Sarasota, Fla.-based Global Signal also will have the option to buy the towers from Sprint for approximately $2.3 billion at the end of the lease period, the companies said.

The deal is expected to close some time in the second quarter.

Shares of Global Signal rose $1.38, or 4.8 percent, to close at $30.24 in Monday trading on the New York Stock Exchange, while Sprint shares fell 19 cents to close at $23.12.

Under the agreement, Overland Park-based Sprint will sublease space on the towers for at least 10 years, at an initial rate of $1,400 a month per tower.

Global Signal gets the exclusive right to lease, sublease or operate the towers, and will take over existing agreements with other parties already leasing space.