Everest Infrastructure Partners, Inc. (“Everest”) and TowerCo (“TowerCo”) have jointly announced the acquisition of 546 wireless towers from Charter Communications, Inc. (“Charter”) to be completed over multiple closings starting in December 2023.
The wireless tower assets included in this transaction are located in 37 states throughout the U.S. and collectively represent one of the largest portfolio transactions of tower assets in the U.S. during the past 10 years. In addition to financial value for the sale of towers, Charter will receive existing and future tower-use rights across the nationwide tower portfolios of Everest and TowerCo. Charter will also continue to serve as the Preferred Fiber Provider to applicable tower sites included in the transaction.
“Both Everest and TowerCo are incredibly pleased to have been selected by Charter for this transaction,” said Mike Mackey,” President of Everest. “We believe these tower assets are high-quality complements to our existing portfolios and we look forward to expanding the network coverage of our customers with increased leasing activities in the future.” Todd Boyer, Chief Executive Officer of TowerCo, added “we are excited to acquire these attractive, strategically located assets while expanding TowerCo’s national footprint. We look forward to maximizing the value of these assets, providing exceptional wireless connectivity solutions for our customers, and a productive relationship with Charter as we assume ownership and operations of the towers.”
Everest Infrastructure Partners and TowerCo are each supported by lead equity sponsor, Peppertree Capital Management. Houlihan Lokey served as financial advisor to Charter on the transaction. Thompson Hine LLP acted as external legal counsel on behalf of Everest Infrastructure Partners and TowerCo.
