nTelos Announces Tower SaleComments Off on nTelos Announces Tower Sale
Yesterday, nTelos Holdings Corporation announced the sale of its remaining wireless towers to an affiliate of Grain Management, a private equipment firm with investments in the media and communication sectors. nTelos has agreed to sell up to 103 towers located in its western markets to Grain Management for $41 million. “Today’s announcement of an agreement to sell these towers reflects an opportunistic sale of non-strategic assets and is consistent with our previously stated strategic objectives,” said Michael A. Huber, Chairman of the Board of NTELOS Holdings Corp. “We expect the proceeds from the sale will enhance our financial flexibility to continue executing our strategic refocus on our Western Markets.” This sale doesn’t come as too much of a surprise as nTelos said they were seeking to monetize their towers when the company announced the divestiture of its eastern markets in early December. Continue reading here.