Massachusetts-based CTI Towers, Inc., a wireless tower operating company in which Comcast Ventures is majority owner, has jumped back into the tower space following their announcement today that it has acquired 120 communication towers from Vyve Broadband, a Rye Brook, N.Y.-headquartered mid-sized MSO with towers in Okla., Kan., Ark., and Wyo.
The deal, expected to close by year-end, will provide a portfolio of towers that was largely vacant, except for four structures, following CTI’s sale of 294 towers to InSite Wireless in April.
With Vyve’s towers, CTI is the nation’s 39th largest tower owner, according to Wireless Estimator’s Top 100 Tower Companies in the U.S.
The company’s web site identifies that CTI also manages 477 tower locations.
According to CTI’s press release, tenants on the Vyve towers include the four national wireless carriers, Verizon, AT&T, T-Mobile, and Sprint, as well as broadcasters, utility companies and governmental entities.
“Over the past year, we have worked closely with the Vyve team lending support to their tower leasing efforts,” said Tony Peduto, CEO of CTI Towers. “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 US 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 Broadband. “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 throughout this entire process, and we look forward to continuing our relationship with them.”
Vyve was formed in 2013 with a combination of networks previously owned by Allegiance Communications and James Cable. The MSO passes approximately 315,000 homes in its footprint.