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Sprint affiliate iPCS Inc.’s operating facility iPCS Wireless will sell 92 wireless communications towers to TCP Communications L.L.C. for proceeds of $16.5 million. The towers, mainly located in Michigan, Illinois, Iowa and Nebraska, average $180,000 per tower. The sale is expected to close by the end of year, following which iPCS will lease space on the towers. The transaction more than doubles TCP’s tower portfolio, which now boasts 169 towers.
iPCS restructured the company in July and said this sale would allow it sufficient liquidity and the appropriate capital structure for 2005 and beyond.
