SpectraSite, SBC in Deal

SpectraSite Holdings Inc. said it would pay local telephone company SBC Communications $1.3 billion for lease rights to 3,900 wireless communications towers, giving SpectraSite the largest tower portfolio in the top 50 U.S. markets. The deal comes as telecommunications companies shift the high cost of building and maintaining wireless communications towers to specialists. SpectraSite forged a similar pact with wireless telephone carrier Nextel Communications Inc. last year. The towers transmit wireless phone calls to cell phone handsets. The pact gives SpectraSite exclusive lease rights to the SBC towers for 27 years. SpectraSite shares jumped $1.94 to close at $23.94 on Nasdaq, while SBC closed up 25 cents at $41.44 on the NYSE.