By Joni Morse
Nov 14, 2006
BOCA RATON, Fla.—SBA Communications Corp. struck an agreement with regional wireless carrier SunCom Holdings Inc. to buy 69 towers located throughout North Carolina, South Carolina and eastern Tennessee. The deal is worth $18 million.
SBA’s deal with SunCom spells the end of the operator’s U.S. presence in the tower industry. SunCom still owns sites in Puerto Rico and the U.S. Virgin Islands.
Raymond James & Associates analyst Ric Prentiss commented that the SunCom towers “are typical of what SBAC is looking for in towers, young towers with growth potential.”
SBA’s stock was up 16 cents to $27.76 per share following the news.
Yesterday, SBA Communications got rave reviews from Raymond James following the release of the tower company’s 2007 financial guidance, with Raymond James upgrading the company’s stock from “outperform” to “strong buy” based on “continued and strong underlying fundamentals.”
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