BURNABY, B.C. – Glentel announced today it has signed an agreement to sell its tower business assets to SBA Communications Corporation.
The official release says the sale price is “up to” $12 million and that the final price will be determined by the tower site revenue yield at closing. The transaction is expected to close no later than December 31, 2012.
"We believe the timing is right for Glentel to divest its non-core tower assets," said Tom Skidmore, Glentel's president and CEO, in the official press release. "The sale to SBA offers Glentel a unique opportunity to focus on its core priorities such as digital migration and the expansion of its digital networks, while delivering significant value to our shareholders. It also provides Glentel with the opportunity to offer network solutions to its customers on a national basis, while removing the risk, maintenance and capital expenditures required to manage and build a best-in-class tower network with enhanced communication capabilities that SBA is committed to provide in Canada. The transaction does not affect in any manner, directly or indirectly, Glentel's licensed frequency portfolio."
"This transaction represents our continued drive to establish SBA as the largest provider of communication sites in Canada," added Edward Hachey, vice president, SBA Canada. "We are excited to complete a transaction with Glentel, and believe these unique locations will address the growing needs of our customers in enhancing their coverage and network quality throughout Canada. Glentel and SBA will work together to ensure a seamless transition for customers."
While Glentel provides numerous wireless services and solutions, it is perhaps better known as the largest independent multi-carrier mobile phone retailer in Canada with over 545 corporate stores with more than 330 locations in Canada located nationally in retail malls, Costco Wholesale stores, and business centres; and more than 210 retail locations in the United States under the Wireless Wave, Tbooth, Wave Sans Fil, Wireless Etc., and others.
SBA Communications is an owner and operator of wireless communications infrastructure in North and Central America. The primary focus of the company is the leasing of antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts.
