TowerCo Announces Tower Purchase Agreement

Thursday, October 18, 2012

Agreement to Purchase 119 Towers from Iowa Wireless Services (IWS) Begins Next Chapter for TowerCo Management Team

Cary, NC (October 18, 2012) – TowerCo announced today that it has signed an agreement to purchase 119 towers from Iowa Wireless Services (IWS) along with a five-year exclusive build-to-suit agreement and the opportunity to acquire future towers IWS may bring to market. The transaction is valued at $45.5mm and is expected to close fourth quarter of 2012.

IWS CEO Craven Shumaker said, “The TowerCo deal provides i wireless financial flexibility and will support our recently announced Des Moines market expansion and statewide network investment to bring our customers a stronger and faster 4G experience.”

On October 1, 2012, TowerCo sold all 3,252 of its towers, and many speculated that the management team would not be out of the industry long. Richard Byrne, CEO of TowerCo, said, "We enjoyed our two weeks off and are excited to start this next chapter in TowerCo's history. Once again, we have picked a great wireless operating team to build a relationship with and we couldn't be happier.”

Kevin Brynestad of Alpina Capital, LLC worked as M&A advisor and Ted Olt of Lane & Waterman, LLP acted as legal counsel to IWS. Bruce Gutenplan of Paul, Weiss, Rifkind, Wharton and Garrison acted as legal counsel to TowerCo.

 

About TowerCo
TowerCo meets the infrastructure needs of wireless service providers by developing, owning and leasing communication towers. Based in Cary, NC, the company was founded in 2004 by industry veterans Richard Byrne (CEO) and Scot Lloyd (COO). It was the 5th largest independent tower company in the US prior to selling 3,252 towers to SBA Communications on October 1, 2012. TowerCo is backed by funding from investors Tailwind Capital and Soros Strategic Partners. For more information, visit www.TowerCo.com.