PG&E sells rights to put wireless telecom antennas on its towers for $973 mln

California utility PG&E said on Tuesday it sold the rights to put wireless telecom antennas on its towers to a subsidiary of SBA Communications Corp for $973 million.

“The sale of these licenses, which apply to over 700 towers, is expected to generate $973 million in initial proceeds, subject to customary closing adjustments”, PG&E said in a statement.

The company will use the proceeds to pay down debt, reduce customer bills and help offset future share sales and stock dilution, it said on Tuesday.