Basalt Infrastructure Partners (Basalt) announced that Basalt III, its third flagship fund, has acquired Skyway Towers from Tinicum L.P. and affiliated entities.
Skyway Towers owns and operates an existing portfolio of 424 multi-tenant communications towers, most of which are built with another quantity in the development pipeline, spanning 30 states. The transaction is Basalt’s first digital infrastructure investment in North America and represents the eighth investment by Basalt III. The deal is valued at around $500 million.
“We are thrilled to work with the Skyway management team to continue the company’s current growth trajectory and best-in-class operations,” states David Greenblatt, Partner of Basalt. “We believe the Skyway platform is best positioned to support the provision of mission critical infrastructure serving national carriers, enabling wireless connectivity across the U.S.”
Scott Behuniak, President & COO of Skyway comments, “This transaction was consummated as part of our long-term plan and to enhance our existing solid financial structure to accelerate growth.” He adds, “The Skyway team is looking forward to growing our existing portfolio for years to come.”
“The sale of Skyway culminates our productive 17-year partnership with the Skyway management team. We are grateful to them for being quintessential partners and for the tremendous job they have done since 2005, building a reputation and business that are recognized as the best in the industry,” says Trip Zedlitz, Partner of Tinicum.
TD Securities (USA) LLC served as exclusive financial adviser to Basalt III and Latham & Watkins LLP served as its legal adviser. Houlihan Lokey served as exclusive financial advisor and Fredrikson & Byron, P.A. served as legal advisor to Skyway.
Basalt is the investment advisor to the Basalt funds, comprising Basalt I, Basalt II and Basalt III. The Basalt funds are infrastructure equity investment funds focusing on mid-market investments in utilities, power, transport, and communications infrastructure in North America and Europe. Skyway Towers, a U.S. colocation wireless communications tower developer, was founded and is managed by a team with wireless carrier experience. Tinicum, founded in 1974 as a family investment office, is a private partnership that manages a diversified group of manufacturing, distribution, industrial technology, and specialty infrastructure companies.
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