Tuesday, March 24, 2015

Another One for Alex

CiG Wireless announced the signing of a definitive agreement to be acquired by an affiliate of Vertical Bridge Holdings. Vertical Bridge will acquire CiG Wireless’ tower assets, including 200 tower sites. The all cash deal is valued at approximately $143 million. This deal comes after CiG Wireless reported an operating loss of $2.1 million during its fiscal third quarter. The company’s revenue was up due to acquisitions completed in 2013 and 2014. In May 2013, CiG Wireless acquired thirty communications towers from Southern Tower Antenna Rental. For the year, CiG announced two other acquisition deals, bringing their total number of acquired sites for 2013 to 74, and 252 in-progress sites, spending nearly $50 million. “This transaction brings together two complementary cellular tower operators, and the combined business will have a broad geographic presence across the United States,” said Paul McGinn, Chief Executive Officer of the Company. Continue reading here

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