SBA Communications to Buy Cell Towers for $1.45 Billion
SBA Communications Corp. agreed to buy more than 3,200 cell tower sites from closely held TowerCo for $1.45 billion in cash and stock, as it looks to capitalize on the rising demand for wireless data services.
The deal marks the second major tower transaction this year for SBA and likely eliminates it as a possible bidder in T-Mobile USA’s effort to sell some of its cell towers. In a conference call Tuesday, SBA Chief Executive Jeffrey Stoops said the company wouldn’t be making “any other major U.S. transactions this year.”
