Tower infrastructure companies Everest Infrastructure Partners (Everest) and TowerCo have jointly announced the acquisition of 546 wireless towers from Charter Communications. The tower infrastructure deal is set to be completed over multiple closings starting this month. Everest stated that the wireless tower assets included in this transaction are located in 37 states throughout the US, collectively representing one of the largest portfolio transactions of tower assets in the US in the past 10 years.
While the financial terms of the transaction were not disclosed, Charter will receive existing and future tower-use rights across the nationwide tower portfolios of Everest and TowerCo. Additionally, Charter will reportedly continue to serve as the Preferred Fiber Provider for applicable tower sites included in the transaction.
Commenting on the transaction, Everest said, "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."
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 maintaining a productive relationship with Charter as we assume ownership and operations of the towers."
Everest and TowerCo
Everest Infrastructure Partners and TowerCo are each supported by the lead equity sponsor, Peppertree Capital Management. Everest Infrastructure Partners owns over 2,500 communication tower sites in the United States, Australia, New Zealand, and Portugal. TowerCo owns, builds, and manages a portfolio of communication towers and properties for colocation, including over 6,000 land and rooftop assets and over 1,300 owned and managed towers.