Regional wireless operator US Cellular has agreed to sell 595 towers to real estate investment trust (REIT) Vertical Bridge Holdings for US$159m.
The telco’s CEO, Kenneth Meyers, said his company “will use the proceeds from the sale of these…
Regional wireless operator US Cellular has agreed to sell 595 towers to real estate investment trust (REIT) Vertical Bridge Holdings for US$159m.
The telco’s CEO, Kenneth Meyers, said his company “will use the proceeds from the sale of these non-strategic assets to invest in other long-term investments that position US Cellular for future growth opportunities”.
Wells Fargo Securities and TD Securities advised on the deal, which is expected to close in the first quarter of 2015.
Commenting on the transaction, Vertical Bridge CEO Alexander Gellman said: “Vertical Bridge is excited to acquire this portfolio of towers in large metropolitan markets. Many of these sites are in locations that would be very difficult to replace.”
Last week, US Cellular issued US$275m worth of notes to fund spectrum acquisitions.
The Chicago-based operator is 84%-owned by Telephone and Data Systems (TDS), while the remaining shares are publicly-traded.
It claims to own and operate the fifth-largest wireless telecoms network in the US, serving 4.7 million customers in 23 states.
