UPDATE 1-Sprint to sell wireless towers for $670 million

NEW YORK, July 23 (Reuters) - Sprint Nextel (S.N: Quote, Profile, Research) said on Wednesday it would sell roughly 3,300 wireless broadcast towers to TowerCo for about $670 million in cash to give Sprint additional liquidity and let it to focus on its core business.

The No. 3 U.S. mobile service, which has been struggling to stem customer losses, said it had entered a long-term leasing agreement with privately held TowerCo as part of the deal.

TowerCo was founded in 2004 by Tailwind Capital.

Sprint said the specific number of towers and the final purchase price would be determined at the close, which it expects will be in 90 days.

Wachovia Capital Markets, Citi and the law firm Jones Day advised Sprint in the deal, while TowerCo was advised by UBS Investment bank and the law firm Paul, Weiss, Rifkind, Wharton and Garrison. (Reporting by Sinead Carew; Editing by Andre Grenon)