Friday, October 11, 2013

CTI Towers, Inc. Secures $30 Million Debt Financing; Closes First Third-Party Tower Acquisition

Earlier this week, CTI Towers, Inc., announced that they had secured up to $30 million in debt financing and closed its first-part acquisitions, purchasing five towers from a major wireless carrier. CTI Towers, Inc., is a wireless tower operator with more than 800 towers throughout the U.S.

By acquiring these 5 towers, CTI Tower’s continues to grow outside the Comcast portfolio, where a large majority (230) towers came from. The company is looking to secure towers within regions with high-demand for wireless capacity.

“We remain committed to helping our customers meet deadlines for new cell sites and network deployment,” said Tony Peduto, Chief Executive Officer, CTI Towers. “We will continue to seek strategic acquisitions to fuel growth as the wireless industry responds to the demand for wireless broadband services.” 
CTI Towers has already had interest from the major carriers regarding equipment on the towers to bring their customers better service. The towers CTI Towers acquired are located in North Carolina, South Carolina, Ohio, Mississippi, and Pennsylvania. With the demand for mobile increasing dramatically, it’s becoming necessary to expand our wireless infrastructure to deal with these capacity demands.
 “As the personal computing device and smartphone industry took off, we recognized mobile network operators would eventually need to fortify their mobile networks to meet consumer demand for mobile Internet access at scale,” said David Zilberman, Venture Partner at Comcast Ventures and CTI Towers Board Chairman. “We’re excited to see CTI Towers grow its footprint and enhance its ability to deliver even more tower inventory across the country, helping all wireless carriers keep their networks in-stride with consumer demand.”

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