Macquarie Consortium Acquires Wireless Tower Operator, Global Tower Partners, From Blackstone

Macquarie Consortium Acquires Wireless Tower Operator, Global Tower Partners, From Blackstone

A consortium led by Macquarie Infrastructure Partners and Macquarie Communications Infrastructure Group today announced that it will acquire from the Blackstone Group 100% of leading U.S. wireless tower operator, Global Tower Partners (”GTP”) for an enterprise value of US$1,425 million.

GTP is a leading owner and operator of towers and sites for wireless communications services in the United States. It has a portfolio of approximately 2,500 towers and over 4,600 rooftop sites in urban, suburban and key corridor locations across 48 U.S. states and Puerto Rico. The significant majority of GTP’s revenue base is derived from long-term contracts with major wireless operators, including AT&T, Sprint-Nextel, T-Mobile and Verizon Wireless.

Christopher Leslie, CEO of MIP, said: “Wireless communications towers demonstrate the fundamental features important in an infrastructure asset. Their use is an essential part of the communities they serve, they enjoy a privileged market position and generate stable, predictable and growing revenues over the long term.

“GTP is a high quality and growing business that displays what we seek in an infrastructure investment, while at the same time providing a proven source of consistent growth in cashflow,” said Mr Leslie.

“The strong existing GTP management team has driven the growth of the business with a disciplined approach to acquisitions and the construction of new towers in strategic locations. We are looking forward to working with this capable and experienced team, to continue to facilitate high-quality wireless communications services to an increasing group of users across the U.S.,” Mr Leslie said.

The CEO of MCG, Mr Scott Davies, said: “Through this acquisition we have gained a timely position in a familiar industry in the attractive U.S. market. GTP complements and leverages our existing wireless industry knowledge and expands and diversifies MCG’s existing North American asset base, alongside Arqiva’s satellite dish facilities in Los Angeles, Washington and New York.”