Wireless industry News » SBA to acquire TowerCo for $1.45B
SBA Communications continued to expand its tower empire, announcing today plans to acquire privately-held TowerCo for $1.45 billion. That price includes $1.2 billion in cash and 4.6 million Class A shares valued at $250 million.
TowerCo owns 3,252 sites across 47 states and Puerto Rico, and will be added to SBA’s more than 12,000 owned and 5,000 managed sites.
SBA said it expects to pay the cash portion of the deal using cash on hand, existing credit facilities and up to $900 million in financing commitments from J.P. Morgan. The company added that it expects the deal to produce approximately $93 million to $95 million in cash flow for full year 2013. Read the full article