Macquarie Buys US Tower Firm

A consortium led by Australia's Macquarie Infrastructure Partners and Macquarie Communiations Infrastructure Group has paid US$1.425 billion for the tower operator, Global Tower Partners from the private equity firm, Blackstone.

Global Tower Partners (GTP) operates some 2,500 towers and over 4,600 rooftop sites in the US and Puerto Rico, which are then leased predominantly to mobile network operators.

Macquarie Communications will own 28.7% Macquarie Infrastructure Partners will take 56.2%. The remaining 15.1% will be held by two other unlisted Macquarie Bank funds and by GTP management.

"Through this acquisition Macquarie Communications has gained a timely position in a familiar industry in the attractive U.S. market," said Scott Davies, chief executive of Macquarie Communications.

Blackstone originally took a large investment stake in GTP in April 2005."

Posted to the site on 2nd July 2007