Everest and TowerCo Jointly Acquire Towers from Charter Communications

Everest Infrastructure Partners, based in Pittsburgh, PA, and TowerCo, headquartered in Cary, NC, have jointly acquired 546 wireless towers from Charter Communications (NASDAQ: CHTR). While financial terms were not disclosed, the deal will be completed over multiple closings starting in December 2023.

Charter’s tower assets included in this transaction are located in 37 states throughout the U.S. and collectively represent one of the largest portfolio transactions of tower assets in the U.S. during the past 10 years, according to the companies. In addition to receiving proceeds from the tower sales, Charter will gain existing and future tower-use rights across the Everest and TowerCo’s nationwide tower portfolios. Charter will also continue to serve as the preferred fiber-to-the-tower provider to applicable tower sites included in the transaction. 

Mike Mackey, President of Everest comments, “We believe these [Charter] tower assets are high-quality complements to our existing portfolios and we look forward to expanding the network coverage of our customers with increased leasing activities in the future.” 

“We are excited to acquire these attractive, strategically located assets while expanding TowerCo’s national footprint,” adds Todd Boyer, TowerCo CEO. 

Peppertree Capital Management was the lead equity sponsor, and Thompson Hine LLP acted as external legal counsel, for both Everest and TowerCo.  Houlihan Lokey served as financial advisor to Charter on the transaction. 

Everest Infrastructure Partners owns or markets more than 2,500 communications towers in the U.S., Australia, New Zealand, and Portugal. TowerCo owns, builds and manages a portfolio of over 1,300 towers, and more than 6,000 land and rooftop assets. 

By John Celentano, Inside Towers Business Editor

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