Uniti Group Inc. Completes Sale of U.S. Tower Business

Rhea-AI Summary

Uniti has successfully completed the sale of 90% of its U.S. tower business to Melody Investment Advisors for approximately $220 million. This strategic move allows Uniti to retain a 10% investment interest in the tower operations. The transaction was facilitated by Goldman Sachs, serving as the exclusive financial advisor to Uniti. As of March 31, 2020, Uniti operates over 6.3 million fiber strand miles across the United States, emphasizing its role in the communications infrastructure sector.

Positive

• Sale of 90% of tower business for approximately $220 million providing liquidity.
• Retention of 10% interest in the tower business allowing continued participation in growth.

Negative

• None.

LITTLE ROCK, Ark., June 02, 2020 (GLOBE NEWSWIRE) -- Uniti Group Inc. (“Uniti”) (Nasdaq: UNIT) announced today that it has completed the sale of 90% of its U.S. tower business to Melody Investment Advisors LP (“Melody”) for total cash consideration of approximately $220 million. Uniti retains a 10% investment interest in the tower business through an affiliate of Melody.   

Goldman Sachs & Co. LLC served as exclusive financial advisor to Uniti in connection with this transaction.

ABOUT UNITI

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of March 31, 2020, Uniti owns 6.3 million fiber strand miles and other communications real estate throughout the United States. Additional information about Uniti can be found on its website at www.uniti.com.

INVESTOR AND MEDIA CONTACTS:

Mark A. Wallace, 501-850-0866
Executive Vice President, Chief Financial Officer & Treasurer
mark.wallace@uniti.com

Bill DiTullio, 501-850-0872
Vice President, Finance and Investor Relations
bill.ditullio@uniti.com

FAQ

What was the amount Uniti received from the tower business sale?

Uniti received approximately $220 million from the sale of 90% of its U.S. tower business.

Who was the financial advisor for Uniti during the transaction?

Goldman Sachs & Co. LLC served as the exclusive financial advisor to Uniti.

What percentage of the tower business did Uniti retain?

Uniti retained a 10% investment interest in the tower business after the sale.

As of when does Uniti own 6.3 million fiber strand miles?

As of March 31, 2020, Uniti owns over 6.3 million fiber strand miles.