Sprint to Sell Headquarters Campus to Occidental Management

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Per media reports, Sprint Corporation S has entered into an agreement to sell its Overland Park headquarters campus to Wichita-based Occidental Management for an undisclosed amount. The deal is expected to close in the coming months.

The U.S. communications service provider will relocate from 11 buildings it presently occupies to four surrounding buildings on the campus. While the company's employees are likely to be moved to the southern end of the property centered on the 6200 Sprint Parkway building, renovations for the main building are currently underway, which is expected to open in summer. Sprint will utilize the sale proceeds to reinvest in these four buildings for its employees.

Reportedly, T-Mobile US, Inc. TMUS said that it will make the campus a second headquarters for the potential combined company if their impending $26.5 billion merger is completed successfully.

Sprint's strategy of balancing growth and profitability while increasing network investments and adding digital capabilities should drive its financial performance in the coming quarters. It has enhanced its SD-WAN services reach to enable enterprises to more simply and efficiently manage global IT resources and applications across networks throughout Asia-Pacific, Latin America, North America and Europe. Also, the company's multi-year plan to improve cost structure and its "Unlimited for All" plan designed for customers bode well.

The company is coming up with new ideas and solutions to better serve its customers and help business enterprises improve their relationship with employees. It is building a solid 5G device portfolio so that its users can be among the first to experience Sprint 5G next year. Massive MIMO technology is integral to Sprint's 5G strategy and network build. The technology augments the capacity of the company's LTE Advanced network and is software upgradable to 5G. With this, Sprint is likely to meet customers' need for unlimited data and high-bandwidth applications. The company intends to launch its mobile 5G network in nine of the largest cities across the country - Atlanta, Chicago, Dallas, Houston, Kansas City, Los Angeles, New York City, Phoenix and Washington, DC - during the first half of 2019 with additional markets to be announced later.

Driven by diligent execution of operational priorities, Sprint's shares have recorded an average gain of 18.9% compared with the industry 's rise of 12% over the past year.

Sprint currently has a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the broader industry are Harris Corporation HRS and Motorola Solutions, Inc. MSI , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

Harris has a long-term earnings growth expectation of 8%.

Motorola has a long-term earnings growth expectation of 8%.

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Harris Corporation (HRS): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Business , Stocks
Referenced Symbols: MSI , S , TMUS

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