SARASOTA, Fla.-Pinnacle Holdings Inc. said it has entered agreements to acquire 552 communications sites in 20 separate transactions for a total purchase price of $50 million.
The transactions include about 136 owned towers and 416 managed towers and rooftops, said the company. All of the transactions are expected to close by the end of the year.
In related news, Pinnacle announced it closed its previously announced acquisition of Motorola Inc.’s North American antenna site business, which included 1,850 wireless sites in the United States and Canada.
“We are established within the industry as one of the most effective consolidators, and our strategy is to continue acquiring well-located, attractively priced towers that cannot be replicated and that are accretive in terms of cash flow per share,” said Bob Wolsey, chief executive officer of the company.
