BOSTON & CINCINNATI –American Tower Corporation (NYSE: AMT - News) and Cincinnati Bell Inc. (NYSE: CBB - News) announced today that American Tower has entered into a definitive agreement to acquire 196 of Cincinnati Bell’s wireless communications towers for $100 million. The towers are located primarily in Ohio and Kentucky and currently average 2.1 tenants per tower. Cincinnati Bell will remain a tenant on all 196 towers pursuant to a long-term Master Lease Agreement.
“This transaction is a continuation of Cincinnati Bell’s strategy to improve liquidity and unlock shareholder value,” said Gary Wojtaszek, Chief Financial Officer of Cincinnati Bell. “We are pleased to expand our long-term relationship with a world-class operator such as American Tower, who is facilitating our ability to sell these non-core assets at an attractive valuation.” more