CTI To Buy 120 Towers From Vyve BroadbandComments Off on CTI To Buy 120 Towers From Vyve Broadband
CTI Towers, a four-year-old privately-held entity backed by Comcast Ventures as a majority owner, today will announce the acquisition of all 120 communication towers owned by Vyve Broadband. The deal expands the company’s coverage into Oklahoma, Kansas, Arkansas, and Wyoming. CTI Towers, based in Franklin, MA, currently owns and manages more than 500 towers in 39 states. In April the company sold its 239 tower portfolio to InSite Wireless but has been in a buying spree ever since. Today’s announcement makes its fourth and single largest acquisition since April.
Tenants on the Vyve towers include all four major telcos and utility and government entities, CTI CEO Tony Peduto told Inside Towers. He declined to disclose financial details of the deal, which is expected to close by year’s end. Peduto said Vyve, of Ryback, NY, will continue to have use of the towers where necessary. Vyve Broadband offers Internet service across seven states with the greatest coverage in Oklahoma, Georgia, and Louisiana. Cable Internet from Vyve Broadband is available to an estimated 372,000 people, making it the 53rd largest provider of cable broadband in the U.S. by coverage area. In addition to cable broadband, Vyve Broadband also offers fiber Internet service that is available to about 44,000 people.
“Over the past year, we have worked closely with the Vyve team lending support to their tower leasing efforts,” Peduto said. “CTI understands the priorities of cable television companies so this agreement was structured to minimize any potential disruption to Vyve’s operations. We are excited to extend our national footprint and look forward to reaching out to all of the carriers and service providers in our new markets.”
“CTI’s rapid growth shows their knowledge of the U.S. tower market and unparalleled ability to execute quickly,” said David Zilberman, managing director at Comcast Ventures. “We’re excited for the company’s strong and growing portfolio.”
“We are extremely pleased with how this deal came together and consider it a win for both sides,” said Jeffrey S. DeMond, CEO of Vyve. “Being able to sell our towers while also being able to have continued use proved to be the perfect combination. CTI has been a great partner through this entire process, and we look forward to continuing our relationship with them.”