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SBA Buys Optasite Holding Co.
Communications company’s acquisition of cell towers will continue to boost its presence.
July 21, 2008
SBA Communications will tuck in Optasite Holding Co., a cell tower company that operates more than 500 towers in 31 states that is poised to continue growth.
SBA was advised by Deutsche Bank and Lehman on the deal; Optasite worked with Morgan Stanley.
Upon closing, SBA will yield to Optasite 7.25 million shares of common stock, take on Optasite’s fully drawn $150 million senior credit facility and will take on $25 million in other liabilities from the acquired company.
Monday, SBA stock increased slightly in early afternoon trading to $35.10.
“We are very excited to be entering into this transaction with Optasite”, said Jeffrey A. Stoops, president and chief executive officer of SBA. “I have known Jim Eisenstein, Optasite's CEO, for many years as a successful tower industry executive. Jim and his team have built a quality growth company with high-performing assets, which we believe will be integrated smoothly into our company and will continue to perform well as part of SBA.”
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