Tuesday, August 29, 2006

FiberTower and First Avenue Networks Complete Merger

First Avenue Networks competed its merger with FiberTower Corporation. The old FiberTower Corporation is now a wholly owned subsidiary of the company, and the company has changed its name to FiberTower Corporation. Shares will be traded on Nasdaq under the new ticker symbol "FTWR".

The merger creates one of largest operators of wireless transport services in the U.S. Both companies operate networks to provide backhaul - transport from cell site to switch - for wireless carriers. The new company will have an installed base in 12 markets with more than 1,000 sites. The companies said their networks and operations are complementary and once combined will have minimal overlap.

The company also holds extensive spectrum in the 24 GHz and 39 GHz bands covering 99% of the United States.

The deal was first announced in May 2006 and valued at $1.5 billion at the time.


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