LITTLE ROCK, AR (GLOBE NEWSWIRE) – Communications Sales & Leasing, Inc. (“CS&L” or the “Company”) (Nasdaq:CSAL) announced today the completion of its acquisition of Tower Cloud, Inc. (“Tower Cloud”). The Company used cash on hand and borrowings under its revolving credit facility to fund the $185 million cash portion of the purchase price and transaction costs, and issued 1.9 million common shares.
Kenny Gunderman, President and Chief Executive Officer of CS&L, commented, “We are pleased to announce the closing of this transaction and the combination of Tower Cloud and PEG Bandwidth into a unified organization. Uniti Fiber is the new brand name of our combined fiber infrastructure group. As previously announced, Ron Mudry leads the combined business as President of Uniti Fiber. Mike Friloux, previously CEO of PEG, has been named Chief Technology Officer of CS&L.”
Uniti Fiber is a leading provider of data transport services, with a particular focus on providing infrastructure solutions to the wireless and enterprise sectors, including fiber-to-the-tower backhaul, small cell networks, and dark fiber deployments. Uniti Fiber’s network consists of 406,000 strand miles of fiber with approximately 184,000 fiber strand miles awarded for future deployment for wireless carriers. Additional information about Uniti Fiber can be found on its website at www.unitifiber.com.
CS&L, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. CS&L currently owns 4.2 million fiber strand miles, 86 wireless towers, and other communications real estate throughout the United States and Mexico. Additional information about CS&L can be found on its website at www.cslreit.com.