SunCom Wireless Agrees to Sell Domestic Tower Assets to SBA Communications
Monday November 13, 5:20 pm ET
BERWYN, Pa., Nov. 13 -- SunCom Wireless Holdings, Inc. (NYSE: TPC - News) today announced that it has agreed to sell 69 wireless communications towers to SBA Towers II LLC, a wholly owned subsidiary of SBA Communications (Nasdaq: SBAC - News; "SBA"), for $18.0 million. Subject to customary closing conditions, the transaction is expected to close in the first quarter of 2007.
The towers are located throughout SunCom's markets of North Carolina, South Carolina, and eastern Tennessee.
As part of the sale agreement, SunCom and SBA will also sign at closing 10-year site lease agreements for each of the 69 towers, with four 5-year lease renewal options.
After giving effect to this transaction, SunCom will no longer own any wireless communications towers in its continental U.S. markets. Upon closing, SunCom has agreed to prepay the first four years' rent to SBA.
Media Capital Advisors, Inc., a West Chester, Pennsylvania-based investment banking firm, represented SunCom in the transaction.
SBA currently owns or manages approximately 5,400 wireless communications towers and other communications sites.
About SunCom Wireless
SunCom Wireless is a leader in offering digital wireless communications services to consumers in the Southeastern United States, Puerto Rico and the U.S. Virgin Islands. With more than 1 million subscribers, SunCom is committed to being a different kind of wireless company focused on treating customers with respect, offering simple, straightforward plans and providing access to the largest GSM network and the latest technology choices. SunCom Wireless is a proud provider of Wireless AMBER Alerts. For more information about SunCom products and services, visit http://www.suncom.com or call 877-CALL-SUN (1-877-225-5786).
Statements in this press release regarding SunCom Wireless's business that are not historical facts may be forward-looking statements. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from any such forward-looking statements are identified in Form 10-K for the year ended December 31, 2005 and other documents SunCom Wireless files from time to time with the U.S. Securities and Exchange Commission.