Pittsburgh-based Everest Infrastructure Partners has added nearly 100 towers to its portfolio, acquiring the assets from Frontier Communications for a reported $80 million.
The transaction includes towers in 17 states, though highly concentrated in Connecticut, New York, and California.
Everest said the towers include many valuable locations that are in “terrain and zoning challenged environments.” Everest works with wireless service providers and other entities, specializing in the development of new towers in tough permitting and construction environments, company executives said.
Additionally, many of the tower locations are adjacent to Frontier’s Central Office facilities (COs), enabling easy access to transport services.
“These sites have substantial capacity for additional tenants and are in optimal locations for the anticipated demands of 5G services. Many of these CO’s are centrally located in major urban markets in the Northeast, as well as small and medium-sized communities on the West Coast,” said Mike Mackey, president of Everest, in a statement. “The towers offer easy access to high-quality backhaul through Frontier, in areas with few alternatives for additional macro site installations.”
The transaction – Everest’s eighth completed tower portfolio purchase in the past two years – expands the firm’s portfolio to nearly 300 tower sites in more than 40 states, making it one of the largest private tower companies in the country.
“The acquisition of towers and carrier customers from Frontier is a substantial increase in our footprint of tower locations, as well as our customer activity with all of the national wireless operators,” said Matt Newton, CEO of Everest, in a statement. “We are seeing tremendous growth across our tower portfolio as mobile operators continue to densify their networks and plan for new advanced services such as 5G. The portfolio of towers acquired from Frontier will add substantial value to our customers in these markets.”
The $80 million price tag was reported by the Pittsburgh Business Times.