Vertical Bridge, the largest private owner and manager of wireless communication infrastructure in the U.S., today announced it has closed a transaction to acquire the rights to over 200 wireless communications towers from Nsight Tower Holdings, LLC (“Nsight”), a major telecommunication service provider in the Midwest. Vertical Bridge will have the exclusive rights to lease and operate the portfolio of Nsight towers for a weighted average term of approximately 31 years. Vertical Bridge will also have fixed price purchase options to acquire the towers based on their anticipated fair market values at the end of the lease terms.
Financial terms of the private transaction were not disclosed. Click here for the nation’s Top 100 Tower Companies
“Vertical Bridge is very pleased to have earned the opportunity to become a long-term partner with Nsight,” stated Alex Gellman, Chief Executive Officer and Co-Founder of Vertical Bridge. “These unique, high quality, fiber-ready towers are built in prime locations, and Nsight will be the anchor tenant on all of the sites. By acquiring access to this portfolio of concentrated assets, Vertical Bridge will enhance its ability to provide improved regional coverage in Northern Wisconsin while capturing incremental leasing opportunities.”
“We view this as an opportune time to transition management and operation of Nsight’s owned tower portfolio to a trusted partner,” said Patrick Riordan, Nsight’s Chief Executive Officer. “We have known and worked extensively with members of Vertical Bridge’s executive team and are comfortable with them as our long-term landlord. Nsight will use the proceeds from this transaction to continue to build out our LTE network and acquire additional spectrum in key markets.”
Vertical Bridge now has almost 3,000 owned towers in its portfolio, and over 42,000 total sites. The portfolio is uniquely positioned to capitalize on the nationwide proliferation of advanced mobile communication and broadband services.