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Uniti Group to sell bulk of US towers for $190M in cash

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Uniti Group to sell bulk of US towers for $190M in cash

Uniti Group Inc. recently agreed to sell 486 of its 672 U.S. towers for roughly $190 million in cash, subject to adjustments, to a wireless infrastructure provider.

The communications real estate investment trust was allowed to solicit alternative third-party proposals under the deal's go-shop provision, which has expired, and is now reviewing proposals received. The REIT may terminate its deal with the unnamed buyer in favor of a superior proposal, although it is not guaranteed that the go-shop move will lead to such an alternate deal.

In reporting its latest earnings, the REIT said it will enter into a strategic off-take arrangement with the wireless infrastructure provider simultaneously with the tower sale. The arrangement provides that Uniti will continue to develop and sell towers to the wireless infrastructure provider at a price they agree on in 2020 and the REIT may opt to extend the arrangement through 2021.

Uniti expects to close the tower sale early in the second quarter, unless it enters into a superior proposal.