Ina Fried for All Things D:

T-Mobile said on Friday that it has reached a deal to unload its cellular towers for $2.4 billion, a move that will help fund the company’s effort to modernize its network.

The lessee is Crown Castle, a Houston, Texas-based company, which has secured a 10-year deal with T-Mobile with an option to buy. T-Mobile is scrambling to upgrade its service to high-speed LTE following AT&T’s failed acquisition of T-Mobile last year. Deutsche Telekom, T-Mobile’s parent company, plans to use the money to pay debt and fund the network expansion.