Regional wireless operator Dobson Communications Corp. reported that its subsidiaries Dobson Cellular Systems Inc. and American Cellular Corp. completed the sale of 507 cellular towers to Global Tower Partners for $77 million. Dobson Cellular received $46.1 million for 323 towers, and American Cellular received $30.9 million for 184 towers.
As part of the sale, Dobson and American Cellular signed 10-year lease agreements with Global Tower with three five-year lease renewal options. Terms of the lease agreements were not released.
Dobson added that it expects to complete the sale of an additional 56 towers to Global Tower for $8.5 million by the end of the year. Dobson’s stock was trading down just more than 1 percent early Friday at $4.21 per share.
Privately held Global Tower said it now owns or has master leases on more than 2,741 sites, including 1,181 owned towers, in the Midwest and eastern United States.
