A pricey deal for Crown; a mystifying one for AT&T

What problems does the AT&T-Crown Castle deal solve?

AT&T does not need to reduce debt. It could use the cash for share buybacks but, until AT&T says otherwise, the Crown cash will fuel speculation about an offer for Vodafone. Vodafone, after the cash from its Verizon Wireless stake comes in and is paid out to investors, will cost at least $70 billion, even before a control premium is factored in. The cash from Crown only solves a fraction of that problem.