CTI Towers, a wireless tower operator that is backed by Comcast Ventures, said Wednesday that it received $30 million in debt financing. Also, the company has completed its acquisition of five towers from an unnamed wireless carrier. No financial terms were disclosed for the purchase.
FRANKLIN, Mass.–(BUSINESS WIRE)–CTI Towers, Inc., a wireless tower operator with more than 800 wireless towers throughout the United States in its portfolio, today announced the company has secured up to $30 million in debt financing and closed its first third-party acquisition, purchasing five towers from a major wireless carrier.
This acquisition continues CTI Towers’ growth strategy outside the Comcast portfolio – from which the company has acquired 230 towers to-date – and secures towers within strategic, high-demand regions. The debt facility will allow CTI Towers to accelerate its acquisition pipeline as it continues to enhance its position as one of the top 10 largest wireless tower operators in the U.S.
“We remain committed to helping our customers meet deadlines for new cell sites and network deployment,” said Tony Peduto, Chief Executive Officer, CTI Towers. “We will continue to seek strategic acquisitions to fuel growth as the wireless industry responds to the demand for wireless broadband services.”
Since the acquisition, CTI Towers has already received carrier inquiries for leasing the towers as network densification continues driving demand in the wireless industry. The towers acquired are located in North Carolina, South Carolina, Ohio, Mississippi and Pennsylvania.
“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 at scale,” said David Zilberman, Venture Partner at Comcast Ventures and CTI Towers Board Chairman. “We’re excited to see CTI Towers grow its footprint and enhance its ability to deliver even more tower inventory across the country, helping all wireless carriers keep their networks in-stride with consumer demand.”
CTI Towers will continue to seek additional strategic acquisitions to fuel growth as it continues its on-going relationship with Comcast.
ABOUT CTI TOWERS, INC.
CTI Towers, Inc. owns, operates, and maintains more than 800 wireless towers throughout the United States. The Company leases tower space to wireless carriers, broadcasters, municipalities, utility companies, and others. CTI Towers works with its customers to meet the critical deadlines for network deployment and new cell sites and allows its customers to control much of the process to facilitate the deployment of their networks. For more information, visit http://www.ctitowers.com. CTI Towers’ lead investor Comcast Ventures (www.comcastventures.com), the venture capital affiliate of Comcast Corporation, focuses on innovative businesses that will change the way people live, work and interact.