09/08/2010, GTP
Portfolio expands GTP's footprint including on Norfolk Southern property
BOCA RATON, FL September 8, 2010 - Global Tower Partners ("GTP") today announced the closing of the wireless assets, income and attachments built on Norfolk Southern ("NS" or "Norfolk Southern") (NYSE: NSC) property from CitySwitch, LLC ("CitySwitch"). The acquisition also includes CitySwitch's tower development and marketing agreements with the railroad. This agreement will give GTP access and master license rights to more than 450 towers and tower development rights along approximately 21,000 miles of NS right of way in the eastern and central U.S. Certain CitySwitch employees were also retained by GTP as part of the transaction. Financial terms of the transaction were not disclosed.
"We are very excited to complete this transaction with CitySwitch and are confident that these sites as well as the development and marketing partnership with Norfolk Southern will be an exciting compliment to our existing assets in key Eastern U.S. markets" said Marc C. Ganzi, Chief Executive Officer, Global Tower Partners. "These strategic locations will no doubt serve the needs of our customers as they continue to build out their 4th generation networks.
"Norfolk Southern has some very strategic locations in key urban markets that will allow us to best serve our carrier partners site needs" noted Alex Gellman, President and Chief Operating Officer, Global Tower Partners.
"CitySwitch is very excited to have concluded such a strategic and efficient transaction with GTP for many of the assets of the Company. Additionally, the integration of the Company's key managers into GTP management will provide an indispensable resource for the overall strategic mission related to Norfolk Southern and other railroad rights of way" said Stephen Raville, Chairman and Chief Executive Officer of CitySwitch.
"Norfolk Southern is pleased to be working with a partner with the track record of GTP, and looks forward to a long and mutually beneficial partnership," noted John Friedmann, NS Vice President Strategic Planning.
Norfolk Southern owns property and operates a 22-state rail network in the eastern half of the U.S.
About Global Tower Partners
Global Tower Partners (www.gtpsites.com), based in Boca Raton, Florida, is one of the leading providers of outsourced antennae site facilities to the wireless communications industry in the United States. GTP's business includes the ownership, development, leasing and management of antennae sites on towers and commercial real estate rooftops. GTP owns or master leases more than 13,000 wireless sites, including 3,800 towers throughout the United States. GTP's customers are leading wireless communications providers including AT&T Wireless, T-Mobile, Verizon Wireless, Sprint-Nextel, US Celular, MetroPCS, Leap Wireless, CellularOne and Clearwire.
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Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries and has assets under management totaling nearly $200 billion USD as of September 2009.
