Uniti Group $220 million sale of 486 U.S. cell towers
Davis Polk is advising Uniti Group Inc. in connection with the sale of 486 of its 672 U.S. towers located across 32 states for approximately $220 million. In addition, Uniti concurrently entered into an “off-take” arrangement to continue to build towers in the United States, pursuant to which Uniti expects to construct and sell approximately 190 towers and 170 towers, respectively, in 2020. Uniti has the option to extend such arrangement to 2021. The transaction is expected to close in the second quarter of 2020.
Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a provider of wireless infrastructure solutions for the communications industry.
The Davis Polk real estate team includes partner Brian D. Hirsch and associates Kimberly (KyungEun) Won, Alex Buckley and Rachel Hoberman. Partner Patrick E. Sigmon is providing tax advice. Counsel Mayer J. Steinman is providing finance advice. Partner Michael Kaplan is providing capital markets advice. Partner Oliver Smith is providing mergers and acquisitions advice. Partner Eli J. Vonnegut is providing restructuring advice. Counsel Mary K. Marks is providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.