SBA Communications to Sell 679 Wireless Towers

MIAMI-Subsidiaries of Boca Raton, FL-based SBA Communications Corp. have entered into a definitive agreement to sell at least 679 wireless telecommunications towers to AAT Communications Corp. for a minimum of $160 million. AAT may elect to increase its purchase to 801 towers for $203 million.

The price may be adjusted under certain circumstances. The price is to be paid in cash and virtually all of the net proceeds from the sale are expected to be used to reduce SBA debt. The companies anticipate the sale will close in stages between May 9 and Sept. 30.

The antenna towers include essentially all of SBA’s tower assets in the Western part of the country, including Michigan, Wisconsin, Iowa, Missouri, Oklahoma, part of Illinois and most of Texas. SBA plans to focus its tower ownership in the eastern third of the country.