Melody Investment Advisors LP (Melody) today announced the entry into a definitive agreement to acquire CTI Towers, Inc., an owner and manager of wireless towers in the U.S.
CTI Towers is majority owned by Comcast Ventures, Comcast Corporation’s venture investment arm. Terms of the transaction were not disclosed. The transaction is expected to close later in 2020, subject to the satisfaction of customary closing conditions.
CTI Towers, based in Cary, North Carolina, owns and manages approximately 1,150 towers in 47 states. Lessors of CTI Towers space include the top wireless carriers consisting of AT&T, T-Mobile and Verizon. The management team of CTI Towers will continue to lead the company and seek to create valuable partnerships with its cable company partners across the country.
“We are excited about the addition of CTI Towers to our rapidly growing portfolio of communications infrastructure assets and pleased about the expanded capabilities we are now able to bring to our carrier partners which will include CTI Towers’ assets and unique capabilities in the cable tower ecosystem,” said Omar Jaffrey, Managing Partner and Founder of Melody Investment Advisors. “Melody’s portfolio companies are well positioned with a growing number of services and offerings for their customers. The CTI Towers team is top notch and we are looking forward to working with them.”
“CTI Towers is our second significant acquisition in the past three months. We are excited about our growing platform and the unique solutions we are able to provide to carriers,” said Chester Dawes, Chief Operating Officer and Chief Financial Officer of Melody Investment Advisors. “As we look ahead, Melody is in a strong position to both execute on further acquisitions, as well as to expand on our tower construction and innovative financing solutions capabilities.”
“CEO Tony Peduto and the CTI Towers team have demonstrated grit, ambition and resilience as we started on our partnership ten years ago incubating CTI Towers then scaling CTI Towers to where it is today,” said David Zilberman, Managing Director of Comcast Ventures. “I look forward to seeing the team’s continued success as they move forward into the next phase of growth with Melody.”
The acquisition of CTI Towers follows Melody Investment Advisors’ previously announced acquisition in May of 500 towers from Uniti Towers, the wireless tower business of real estate investment trust Uniti Group Inc.
Melody, founded in early 2019, also owns a portfolio of wireless communication assets that consist of land under telecom towers and rooftop and structure easements.
Evercore is serving as exclusive financial advisor to CTI Towers, Inc.