Diamond Communications to Acquire Melody Wireless Infrastructure For $1.625B

SHARE THIS ARTICLE

Share on facebook
Share on google
Share on twitter
Share on linkedin

Diamond Communications LLC and Sculptor Capital Management, Inc. (NYSE: SCU) yesterday announced that they have entered into a definitive Stock Purchase Agreement to acquire Melody Wireless Infrastructure, Inc.(MWI). MWI is a private U.S. REIT that owns a portfolio of approximately 2,300 tenanted wireless communication sites. These sites include a combination of rooftop installations, communication towers and ground leases under communication towers located throughout the U.S. in all fifty states. 

Steven Orbuch, President of Sculptor Real Estate (SRE), Diamond’s long-time partner and founding shareholder, said, “We are excited to be continuing our 15-year relationship with Diamond, investing in the wireless infrastructure sector, and we commend the Melody team on the quality of the assets that they have assembled.”

“Melody has built a great company with a diverse group of assets,” said Ed Farscht, Diamond’s Chief Executive Officer. “This transaction is transformational for our business and will further solidify Diamond’s position as one of the largest privately held wireless infrastructure companies in the United States. The Melody assets complement Diamond’s existing portfolio and positions Diamond to drive long-term organic growth and significantly enhance our customer relationships. We are also excited to build on our relationship with Sculptor, which has supported Diamond from our founding in 2006.”   

Omar Jaffrey, a co-founder of Melody, who led Melody’s efforts, said, “I am pleased that we have found a great home with Diamond and Sculptor for an exceptional pool of wireless infrastructure assets and business that we built over seven years while delivering great value for our investors.”

The closing of the transaction is subject to customary closing conditions and is expected to be consummated by June 2021. The purchase price is for $1.625 billion, subject to certain adjustments and other conditions of the Stock Purchase Agreement.

Reader Interactions

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.