“Cell tower acquisition & development in the U.S. has traditionally been the purview of large, public tower companies, such as American Tower (AMT), Crown Castle (CCI), and SBAC.
In the last 2-3 years, Investment Banks have shown an increasing willingness to finance small to mid-sized, privately owned cell tower companies. The escalation of this trend to invest in new entrants is not coincidental to an increase in the multiples of cash flow that are paid for tower acquisitions and a dearth of active tower developers.”
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