ST. PETERSBURG — Tower Cloud, a communications infrastructure company based in St. Petersburg, is being acquired by publicly-traded Communications Sales & Leasing, Inc. for $230 million in cash and stock.
The deal announced Monday is expected to close by the fourth quarter.
Privately-held Tower Cloud, founded in 2006, has focused on infrastructure solutions in the wireless and enterprise sectors. Its fiber network consists of 90,000 fiber strand miles in service across 15 states in the Southeast, the company said.
"Tower Cloud significantly expands our backhaul network and greatly accelerates our entry into the high growth small cell and dark fiber businesses," Kenny Gunderman, president and CEO of CS&L, said in a statement. "We continue to grow our wireless carrier relationships across all asset classes and are seeing an increasing number of opportunities arise as carriers densify their networks and look toward the deployment of 5G and related technologies."