CTI Towers acquires 56 wireless towers from SRT Communications

Jan. 3, 2024
The deal bolsters CTI Towers' footprint in the North Dakota region and signals continued consolidation of the wireless tower industry.

CTI Towers, an owner and manager of wireless towers and a portfolio company of Palistar Capital has purchased 56 towers in North Dakota from SRT Communications, the state's largest telecommunications cooperative.

This deal, which will enhance CTI’s tower density in the region, will foster the deployment of rural 5G broadband services.  

"We are excited to announce this transaction, which will provide crucial 5G access to end users in a rural area," said David Bacino, CEO of CTI Towers. "As we continue to expand our portfolio of wireless infrastructure assets, CTI is proud to share that we now own and manage over 1,800 towers throughout the U.S.”

But this is another deal signaling ongoing consolidation in the wireless tower industry segment.

CTI itself has been quite active in acquiring tower assets. In December 2023, CTI Towers acquired the rights to 525 towers in Louisiana, Texas, North Carolina, South Carolina, and California from Conterra Ultra Broadband Holdings, one of the U.S.'s largest independent fiber bandwidth providers.

Similar moves are being made by StratCap and its affiliate, StratCap Wireless, which recently closed the sale of Strategic Wireless Infrastructure Fund, a real estate program sponsored by StratCap, to a national, private equity-backed tower company in December.

After the deal closed on December 20, 2023, the company said it resulted in an approximate 40% gain in gross asset value. Management believes this enables the Fund to provide unitholders with compelling overall returns, capitalizing on the sector’s resiliency during an uncertain market environment.

“The addition of these 72 towers enhances the operating scale of our tower assets as we continue our strong momentum in the market,” said Scott Riggs, COO of StratCap Wireless.

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About the Author

Sean Buckley

Sean is responsible for establishing and executing the editorial strategies of Lightwave and Broadband Technology Report across their websites, email newsletters, events, and other information products.

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