Everest Infrastructure Partners, based in Pittsburgh, PA, has completed the acquisition of Charleston, WV-headquartered CNS Microwave from TC Energy Corporation (NYSE: TRP). CNS’s assets include a portfolio of more than 75 communications towers across nine states.
Brenton Atcheson, Everest’s VP of Corporate Development who oversaw the acquisition tells Inside Towers that of the total tower portfolio, Everest is acquiring over 30 tenanted sites across six states: Kentucky, Virginia, West Virginia, Ohio, Pennsylvania and Maryland. Atcheson points out that 83 percent of rental income generated from these sites is derived from tenancies with the Big 3 mobile network operators, AT&T (NYSE: T), Verizon (NYSE: VZ) and T-Mobile (NASDAQ: TMUS). “Yes, we anticipate strong colocation demand at these sites now that they have been integrated into the Everest platform,” says Atcheson. The non-tenanted sites will remain with TC Energy. Terms of the transaction were not disclosed.
“This transaction continues to validate Everest’s ability to partner with sellers in adjacent infrastructure verticals that require a trusted partner for operating in and around mission-critical highly secure locations, such as sites located within TC Energy’s critical energy infrastructure facilities,” comments Atcheson in a statement.
He adds, “We anticipate these sites will provide enhanced value for the growing Everest portfolio and look forward to facilitating our customers’ needs as well as new colocation activities at the CNS tower sites as they are integrated into Everest’s seasoned tower operations and marketing program.”
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