Thursday, October 9, 2008

SureWest to Sell Wireless Towers to Global Tower Partners

SureWest Communications reached an agreement to sell its more than 50 owned wireless communications towers to Global Tower Partners, which owns or master leases more than 8,900 sites, including more than 3,000 owned towers throughout the United States.

The purchase price is based on tower cash flow and is payable with respect to commenced tenant leases. SureWest said it expects that the final aggregate purchase price will be in the range of $9.5 to $10.2 million.

SureWest plans to use the net proceeds from the transaction to continue the expansion of its high performing fiber-to-the-home (FTTH) broadband network in both its Sacramento and Kansas City regions.http://www.surewest.com

  • In addition to divesting the assets of its Wireless business for $69.0 million, SureWest sold its Directory Publishing business to GateHouse Media for $110 million in early 2007. In February 2008, SureWest acquired Everest Broadband, Inc., a broadband leader in the Kansas City region, and more than doubled the company's triple-play residential subscriber base and facilitated the rapid expansion of its business services.

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