CIG Wireless Corp(OTCBB:CIGW)’s portfolio will be acquired by Vertical Bridge which is relatively a new and quickly rising company in the wireless infrastructure space. Independent wireless infrastructure company CiG Wireless had announced that it has entered into an agreement to be acquired by an affiliate company of Vertical Bridge Holdings. Currently, CiG Wireless’ tower portfolio includes more than 200 geographically widespread tower sites. As per the agreement, with the all-cash deal has been valued at $143 million.
Vertical Bridge had been founded in 2014 by Digital Bridge Holdings and executives from Global Tower Partners. The company is a privately owned real estate investment trust that specializes in communications towers, exclusively in the United States. It was reported in the last November that Vertical Bridge had received substantial funding and acquired 23 tower sites and subsequently in December the company acquired towers from both U.S. Cellular and IHeartMedia.
Paul McGinn, CEO of CiG Wireless said that the merger will bring together two complementary cellular tower operators, and the combined business will have a broad geographic presence across the United States. On the same front, Alexander Gellman, CEO and co-founder of Vertical Bridge, stated that they have known Paul and the rest of the CiG Wireless team as their competitors and partners over the course of many years, and now they are looking forward to them for joining their team. The deal will be completed in the second quarter of 2015 and so both the companies are looking forward for it and have received favorable support from parties on both sides. After the deal gets closed, current CiG Wireless employees will become Vertical Bridge employees.