US-based regional wireless carrier NTelos has completed the first installment of its previously-announced US$41m tower sale-and-leaseback deal with private equity firm Grain Management. The company sold 85 towers for US$35m on 17 February and expects…
US-based regional wireless carrier NTelos has completed the first installment of its previously-announced US$41m tower sale-and-leaseback deal with private equity firm Grain Management.
The company sold 85 towers for US$35m on 17 February and expects to close the transaction in multiple tranches during 2015.
Last month, NTelos agreed to sell 103 towers, which are located in its western markets, to Grain and lease them back on a long-term basis.
As part of the deal, the carrier will have access to reserve capacity on the assets for future use.
Media Venture Partners acted as exclusive financial adviser to NTelos on the transaction.
In December, the company announced it would shift its focus on its western markets and agreed to sell its 1,900 MHz PCS wireless spectrum licences in eastern Virginia to T-Mobile US for US$56m.
The company aims to capitalise on the strong operating performance and favourable competitive position for its retail offering in West Virginia and western Virginia, where it recently extended a commercial partnership with Sprint Corp until 2022.
NTelos provides voice and data coverage for about 282,100 retail subscribers based in Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky.
