Sprint Nextel needs the money. Cary, N.C.-based TowerCo wants the towers. A match made in heaven as Sprint plans to sell about  3,300 wireless towers to TowerCo for roughly $670 million in cash.

According to TowerCo CEO Richard Byrne, the towers are concentrated in large metropolitan markets throughout the United States.

The operator said the deal would provide it with additional liquidity to pay down some of its $24 billion in debt. Likewise, leasing the towers from a company such as TowerCo will let Sprint shift some of its operational focus to its core business.

Over the years, operators have increasingly shifted their strategies from owning all of their towers to leasing them from tower companies such as American Tower, Crown Castle, SBA and TowerCo.

Sprint said the specific number of towers and the final purchase price would be determined in the next three months.