GTP sold for $1.4B

Global Tower Partners, which boasts 2,500 wireless communications towers and more than 4,600 rooftop sites, has been sold for $1.4 billion.
GTP owner The Blackstone Group sold the wireless tower operator to a consortium led by Macquarie Infrastructure Partners and Macquarie Communications Infrastructure Group.
GTP generates the bulk of its revenue from long-term contracts with the four tier-one U.S. carriers and others. The company’s average remaining ground lease term is 24 years.
“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,” said Christopher Leslie, CEO of MIP.
“Through this acquisition we have gained a timely position in a familiar industry in the attractive U.S. market. Global Tower Partners compliments and leverages our existing wireless industry knowledge and expands and diversifies Macquarie Communications Infrastructure Group’s existing North American asset base, alongside Arqiva’s satellite dish facilities in Los Angeles, Washington and New York,” said Scott Davies, CEO of MCG.
The deal, which will be funded by a combination of equity and debt, will keep the veteran management team of Global Tower Partners intact.