The transaction, which is one of the largest domestic tower deals to be announced in the last decade in the US is to be completed over multiple closings starting in December 2023.
The wireless tower assets included in the transaction are located in 37 states throughout the US.
Charter is a connectivity company that runs broadband networks and serves more than 32 million customers in 41 states.
In addition to financial value for the sale of towers, Charter will receive existing and future tower-use rights across the nationwide tower portfolios of Everest and TowerCo.
Charter will also continue to serve as the preferred fiber provider to applicable tower sites included in the transaction.
“We believe these tower assets are high-quality complements to our existing portfolios and we look forward to expanding the network coverage of our customers with increased leasing activities in the future,” said Mike Mackey, president of Everest.
Todd Boyer, CEO of TowerCo, added his company are excited to acquire what he described as attractive, strategically located assets, that would expand TowerCo’s national footprint.
“We look forward to maximizing the value of these assets, providing exceptional wireless connectivity solutions for our customers, and a productive relationship with Charter as we assume ownership and operations of the towers,” Boyer said.
Everest Infrastructure Partners and TowerCo are each supported by lead equity sponsor, Peppertree Capital Management.
Houlihan Lokey served as financial advisor to Charter on the transaction. Thompson Hine LLP acted as external legal counsel on behalf of Everest and TowerCo.
Everest own or market more than 2,500 communications tower sites in the United States, Australia, New Zealand, and Portugal, while TowerCo has built and manages over 6,000 land and rooftop assets and over 1,300 owned and managed towers.
