Monday, July 21, 2008

Optasite to be bought by Florida firm for $430M

By Mass High Tech Staff

Wireless tower company Optasite Holding Co. Inc. has agreed to be bought by SBA Communications Corp. of Boca Raton, Fla., through a merger with newly formed SBA subsidiary in a deal worth about $430 million.

At closing, Westborough-based Optasite will become a subsidiary of SBA (Nasdaq: SBAC). Optasite owns approximately 548 tower sites, located in 31 states, Puerto Rico and the U.S. Virgin Islands and approximately 45 managed site locations, according to the company. The owned tower sites currently average 2.4 tenants per tower site.

The deal is expected to close on or before September 30, according to officials.

Optasite had raised more than $330 million in funding since its launch in 2000, from firms like Columbia Capital, Centennial Ventures, Citi, Highland Capital Partners, Kestral Management, Key Venture Partners, Berkshires Capital Investors, Long River Capital Partners and Village Ventures. It also secured leveraged financing from GE and Morgan Stanley.

SBA is an independent owner and operator of wireless communications infrastructure, which generates revenue from two primary businesses — site leasing and site development services.