nTelos offloads wireless towers to Grain Management

21 Jan 2015

NTELOS Holdings Corp, the owner of regional US mobile operator nTelos Wireless, has agreed to sell most of its remaining wireless towers to an affiliate of Grain Management, a private equity firm focused on investments in the media and communications sectors. The company has inked a definitive agreement to sell up to 103 towers to Grain, with nTelos allowed to enter into long-term lease agreements on the towers involved, with access to reserve capacity for future use. The sale is expected to generate around USD41 million, and will close in multiple instalments during calendar year 2015.

Michael A Huber, chairman of the board of NTELOS Holdings Corp, commented: ‘Today’s announcement of an agreement to sell these towers reflects an opportunistic sale of non-strategic assets and is consistent with our previously stated strategic objectives … We expect the proceeds from the sale will enhance our financial flexibility to continue executing our strategic refocus on our Western Markets.’

United States, nTelos Wireless