The Blackstone Group Completes Major Investment in Global Tower Partners
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
Global Tower Partners (http://www.global-towers.com/), based in Boca Raton, Florida, with seven regional offices around the country, is one of the leading providers of outsourced antennae site facilities to the wireless communications industry in the United States. TP’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 2,741 sites, including 642 towers concentrated in the Midwest and Eastern United States. GTP’s customers are leading wireless communications providers including Nextel, Sprint PCS, AT&T Wireless, T-Mobile, Cingular, Verizon, Centennial Wireless, Dobson Communications, Tritel Communications.
About The Blackstone Group
The Blackstone Group (http://www.blackstone.com/), 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.