BOCA RATON, FL (PRWEB) May 04, 2016
Vertical Bridge, the largest private owner and manager of communication towers and locations in the U.S., and General Communication, Inc. (“GCI”) today jointly announced that Vertical Bridge has signed a definitive agreement to acquire 275 sites from GCI’s wholly owned subsidiary, Alaska Wireless Network (“AWN”), and to provide build to suit services to AWN for the next 5 years; the value of the transaction is $91M. AWN will be an on-going tenant on all of the sites in this sale-leaseback transaction. With the closing of this transaction, Vertical Bridge will be the largest tower owner in the state of Alaska with approximately 300 wireless/broadcast sites.
Alex Gellman, Vertical Bridge’s Chief Executive Officer and co-founder, stated, “Vertical Bridge is excited to be chosen as a long term partner with AWN. These are unique, high quality, fiber ready towers built in very good locations. The tower portfolio provides full coverage of the major population centers and the vast connecting corridors in this great state.”
“We are confident that Vertical Bridge is the right partner to take over management and operations of our portfolio of assets,” said Bruce Broquet, AWN Chief Financial Officer, “We are taking this opportunity to focus on investing in increased broadband coverage throughout the Alaska market.”
Media Capital Advisors served as exclusive advisor and Lape Mansfield Nakasian + Gibson, LLC was of counsel to AWN on this transaction.
About Vertical Bridge
Vertical Bridge is the largest private owner and manager of communication towers and locations in the United States. The company owns, operates and manages over 45,000 tower, rooftop, billboard, utility attachment and other site locations in support of all wireless network deployments. Based in Boca Raton, Florida, Vertical Bridge was founded in 2014 by key executives from Digital Bridge Holdings, LLC and former senior officers of Global Tower Partners. The senior management team at Vertical Bridge has over 150 years of collective experience in tower infrastructure and related sectors. For more information, please visit http://www.verticalbridge.com.
About Alaska Wireless Network
The Alaska Wireless Network, LLC (AWN) is a wholly owned subsidiary of General Communication, Inc. (“GCI”) (NASDAQ:GNCMA) AWN operates an Alaska statewide wireless network supporting GCI’s next generation wireless services.
For Vertical Bridge:
For Alaska Wireless Network:
Senior Manager, Corporate Finance