SureWest Communications to Sell Wireless Towers to Global Tower Partners (PR Newswire)

Friday October 10, 6:01 pm ET ROSEVILLE, Calif., Oct. 10 /PRNewswire-FirstCall/ -- Leading independent communications holding company SureWest Communications (Nasdaq: SURW - News ) announced today that it has entered into a definitive agreement to sell its more than 50 owned wireless communications towers to Global Tower Partners. Completion of the transaction is not subject to financing. The purchase price is based on tower cash flow and is payable with respect to commenced tenant leases. SureWest expects that the final aggregate purchase price will be in the range of $9.5 to $10.2 million. The transaction, the initial closing of which is expected to close in the fourth quarter 2008, and at which a substantial portion of the purchase price is payable, is subject to customary closing conditions and regulatory approvals. The... [read full story]