Sprint sells its campus

State News

July 25, 2019 - 8:58 AM

OVERLAND PARK, Kan. (AP) — Wireless carrier Sprint has sold its massive suburban Kansas City campus for well below its appraised value under a deal that allows it to lease back office space at a rate lower than market value.

Moody’s released research on the $250.9 million deal just ahead of the Justice Department’s final determination of whether Sprint’s $26.5 billion merger with T-Mobile presents any antitrust concerns. Sprint and T-Mobile have said the combined company will keep a secondary headquarters on the campus, with its main operations in suburban Seattle.

Local government officials had appraised the 190-acre campus at $342.5 million. It was built between 1998 and 2001 for $700 million.

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