We view this acquisition as an important addition to our current tower portfolio and as clear evidence of our investors’ ongoing commitment to grow InSite’s platform of wireless infrastructure assets.
FRANKLIN, Mass. and ALEXANDRIA, Va. (PRWEB) April 01, 2015
InSite Wireless Group, LLC (InSite) today announced that it has acquired 294 communication tower sites from CTI Towers, Inc. (CTI), a company in which Comcast Ventures is majority owner. The assets purchased include communication towers, related tower site equipment and infrastructure, related real property interests, and wireless carrier and customer agreements related to the towers.
“InSite, its investors, and its employees are enthusiastic about closing this transaction with CTI Towers, Inc.,” said David E. Weisman, President and CEO of InSite. “We view this acquisition as an important addition to our current tower portfolio and as clear evidence of our investors’ ongoing commitment to grow InSite’s platform of wireless infrastructure assets.”
“In the four years since launching CTI Towers, we have constructed an outstanding tower portfolio and are very pleased with the market reception,” said Tony Peduto, Chief Executive Officer of CTI Towers, Inc. “We believe InSite’s management of these assets will continue to nurture and provide the same level of operating excellence.”
About CTI Towers Inc.
CTI Towers, Inc. owns, operates, and maintains wireless towers throughout the United States. The Company leases tower space to wireless carriers, broadcasters, municipalities, utility companies, and others. CTI Towers works with its customers to meet the critical deadlines for network deployment and new cell sites and allows its customers to control much of the process to facilitate the deployment of their networks. For more information, visit http://www.ctitowers.com. CTI Towers’ lead investor Comcast Ventures (http://www.comcastventures.com), the venture capital affiliate of Comcast Corporation, focuses on innovative businesses that that will change the way people live, work and interact.
About InSite Wireless Group, LLC
InSite Wireless Group, LLC develops, owns, operates and manages communications wireless infrastructure facilities primarily for the wireless and broadcast industries. InSite’s distributed antenna system (DAS) and small cell division specializes in the design, installation, operation, and maintenance of shared wireless infrastructure solutions that enhance the quality and capacity of wireless voice and data services in public facilities and complex environments. InSite has developed and currently operates more than 20 projects across the United States in convention centers, casinos, airports, sports stadiums, and transit systems like the Boston MBTA Subway and the Los Angeles County Metro. InSite’s tower division is one of the largest privately owned U.S. tower companies and develops, manages, owns, and operates (after closing on the CTI Towers transaction) more than 1,200 telecommunications towers and sites for wireless carriers across the United States, Puerto Rico, the U.S. Virgin Islands, and Canada. InSite also owns a controlling interest in Telecom Lease Advisors (TLA), one of the leading land-under-cell-tower acquisition companies in the United States. More information on InSite's business can be found at http://www.insitewireless.com.