Melody Investment Buys Over 500 Towers for $220M From Uniti

Melody Investment Advisors, an asset manager focused on communications infrastructure, yesterday announced the acquisition of 90 percent of Uniti Towers, the wireless tower business of real estate investment trust Uniti Group Inc. (NASDAQ: UNIT). The purchase totals approximately $220 million in cash and includes over 500 towers based in the U.S. Melody Investment Advisors will fund the purchase from Melody Communications Infrastructure Fund II.

Through an investment in an affiliate of Melody, Uniti will retain a 10 percent investment interest in the tower business and will receive an incremental earnout from Melody for each additional pipeline tower completed in 2020. In addition, as part of the transaction, Melody and Uniti will enter into a strategic relationship to collaborate on integrated solutions for wireless carriers requiring towers, fiber and small cell infrastructure. The transaction is subject to various closing conditions and is expected to close by the end of second quarter 2020. Continue Reading