CTI Acquires New Towers, Secures Financing
CTI Towers, Inc. of Franklin purchased five wireless communication towers and secured up to $30 million in debt financing, the company announced Wednesday.
The deal was the wireless tower operator’s first third-party acquisition. The towers in Pennsylvania, Ohio, North Carolina, South Carolina and Mississippi were previously owned by a major wireless center, the company said.
CTI has already received inquiries from wireless carriers to lease the towers, the company said.
“As the personal computing device and smartphone industry took off, we recognized mobile network operators would eventually need to fortify their mobile networks to meet consumer demand for mobile Internet access,” said David Zilberman, CTI Towers Board Chairman.
CTI has more than 800 wireless towers nationwide, the company said, making it one of America’s top 10 tower operators. Some 230 of those towers were acquired from Comcast, though the company said it’s looking to expand its acquisition pipeline beyond the Comcast portfolio.
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