Cincinnati Bell to sell towers to American Tower

Regional telecom operator Cincinnati Bell Inc. said it plans to sell 196 cell towers to American Tower Corp. for $100 million in an attempt “to improve liquidity and unlock shareholder value.”
The sale will include towers in Ohio and Kentucky that the company said house an average of 2.1 tenants per site. Cincinnati Bell said it will remain a tenant on the sold towers through a long-term master lease agreement. The deal is set to close later this year.
“We are pleased that Cincinnati Bell has selected American Tower to own and operate this critical portion of its network infrastructure and we continue to actively pursue the acquisition of other strategic assets in the United States,” said Steven Marshall, president of American Tower’s U.S. Tower Division. “We also look forward to broadening our partnership with Cincinnati Bell and supporting its ongoing network development and expansion in the future.”