U.S. towers are in play. Analysis from the Inside Towers Database over the 90-day period from June 1-August 31 shows that there were 1,867 towers acquired by a mix of 107 public and private entities, based on Change of Ownership filings for registered towers. Unlike public tower companies, the private tower companies conducted the majority of M&A transactions over that period. Vertical Bridge, a DigitalBridge Group (NYSE: DBRG) portfolio company, through its various subsidiaries, was the most active among all categories, adding 1,520 towers to its roster.
The second tier of 25 private towercos bought another 131 towers. Everest Infrastructure Partners led the pack, acquiring 56 towers. K2 Towers and Horizon Tower each bought 11 and Tillman Infrastructure picked up 9 towers. The remaining 21 companies, including CitySwitch, Harmoni Towers and TowerCo, bought the balance ranging from 1 to 7 towers in each transaction.
The public towercos picked up 10 towers, with SBA Communications (NASDAQ: SBAC) buying 5, American Tower (NYSE: AMT) picked up 4 and Crown Castle (NYSE: CCI) acquired 1 tower.
Among the MNOs and CSPs, Verizon acquired 57 towers that were owned by its Alltel subsidiary. AT&T Mobility added 22 towers including those owned by its New Cingular Wireless unit. T-Mobile bought 6 towers. The other 17 were acquired by 7 smaller wireless and broadband CSPs such as 360 Broadband and Surf Air Wireless.
Twenty-five broadcasting companies bought 68 towers during the period. Scripps Broadcasting led the way in acquiring 13 towers, followed by Kansas Broadcast Company which acquired 8 towers, and Bryan Broadcasting and GTC Uno each picking up six sites.
Another 22 companies included in the Other category bought 36 towers. Investors such as TVT bought 13 towers while utilities including Georgia Power bought 10 towers, and the remaining 13 towers were purchased by a mix of government agencies, educational institutes, public safety organizations and tribal jurisdictions.
This article is an excerpt from the upcoming Inside Towers Intelligence 2024 Vol 3 issue. For more information or to subscribe, visit: insidetowers.com/intelligence
By John Celentano, Inside Towers Business Editor
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