SBA Communications buys TowerCo towers for $1.45-bn
27 Jun 2012
US wireless infrastructure company SBA Communications Inc has agreed to acquire 3,252 towers from TowerCo for approximately $1.45 billion in a cash-and-stock deal, counting on increased future demand for infrastructure from wireless operators.
The deal with TowerCo includes $1.2 billion in cash and 4.6 million SBA common stock based on the average three-day closing price of $54.48 per share as of 22 June.
Boca Raton, Florida-based SBA is the country's third-largest wireless communications infrastructure provider with operations across 48 states. In addition, SBA owns and operates towers in Canada, Costa Rica, El Salvador, Guatemala, Nicaragua and Panama.
Cary, North Carolina-based TowerCo was founded in 2004 and its shareholders include billionaire George Soros's Soros Strategic Partners, Vulcan Capital and Altpoint Capital. The tower sites being bought are located in 47 states across the US and Puerto Rico.
Through the acquisition, SBA's total number of communication towers will cross 15,000.
The company's major rivals in the field are Crown Castle International Corp and American Tower Corp.
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