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FOR IMMEDIATE RELEASE
Contact: Terry Armant, 561.995.0320
The Blackstone Group Completes Major Investment in Global Tower Partners
Recapitalization Provides GTP with Significant Expansion Capital.
NEW YORK, NY. – April 18, 2005 – Global Tower Partners (the “Company” or “GTP”)
announced that affiliates of The Blackstone Group (“Blackstone”) have purchased
a majority equity interest in GTP from Great Hill Partners.
GTP owns and operates over 642 wireless communications towers and 1,800 rooftop
antenna facilities throughout the United States. The Company recently announced
an agreement to purchase a portfolio of 563 wireless communications towers from
Dobson Communications (NSDQ: DCEL); post the Dobson acquisition, GTP will own and
operate over 1,200 towers.
Mark T. Gallogly, Head of Blackstone’s Private Equity Group said, “We have known
Marc Ganzi for nearly ten years and are delighted to partner with Marc and his team.
GTP has proven their ability to build a high quality wireless communications tower
company. We look forward to helping them achieve their strategic growth plans.”
Marc C. Ganzi, Chief Executive Officer of Global Tower Partners said,
“The completion
of this transaction provides GTP the ability to further invest in the growth of
our business. We welcome Blackstone as our new partner in our pursuit of becoming
the tower
company of choice to the wireless industry.”
Blackstone plans to use GTP as a platform to make further investments of up to several
hundred million dollars to acquire wireless communications tower assets.
About Global Tower Partners
Since being founded in late 2003, Boca Raton based Global Tower Partners (http://www.gtpsites.com)
is one of the fastest growing and leading providers of outsourced antennae site
facilities to the wireless communications industry in the United States. Backed
by The Blackstone Group of New York City, GTP's core business includes the ownership,
development, leasing and management of antennae sites on towers and commercial real
estate rooftops. GTP owns, manages or master leases more than 7,200 sites, including
1,800 owned towers located throughout the United States. GTP's customers are leading
wireless communications providers including Sprint-Nextel, Cingular Wireless, T-Mobile
USA, Verizon Wireless, Centennial Wireless, Dobson Communications and Nextel Partners.
About The Blackstone Group
The Blackstone Group, a private investment and advisory firm with offices in New
York, Atlanta, Boston, London, Paris and Hamburg, was founded in 1985. The firm
has raised a total of approximately $32 billion for alternative asset investing
since its formation. Over $14 billion of that has been for private equity investing,
including Blackstone Communications Partners, one of the largest dedicated communications
and media funds with approximately $4.0 billion of capital at its disposal. In addition
to Private Equity Investing, The Blackstone Group's core businesses are Private
Real Estate Investing, Corporate Debt Investing, Marketable Alternative Asset Management,
Corporate Advisory, and Restructuring and Reorganization Advisory. Contact: Ben
Jenkins - (212) 583-5534.
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