According to a report from RCR, the CEO of Global Towers Partners said last week's reports that the company was up for sale or exploring an IPO were not true. CEO Marc Ganzi said, "The stories of our impending sale for $1.5 billion were wildly false and exaggerated. Management and the Blackstone Group have every intention of growing this business." Last week GTP said it plans to buy Midwest Tower partners for an undisclosed sum. The acquisition will add 83 towers to GTP's 2,180 towers.
The speculation around GTP's fate ramped up in the past two weeks after Crown Castle announced its intent to buy Global Signal for about $5.8 billion in stock and cash. The acquisition would put Crown Castle in the top slot as the largest cell tower company; rival company American Tower could regain its top spot if it acquired GTP or SBA.
For more on the consolidation in the cell tower sector:
- see this report from RCR News