Tower companies Everest Infrastructure Partners and TowerCo have jointly announced the acquisition of 546 wireless towers from Charter Communications.

The deal is set to be completed across multiple closings starting this month.

Telecommunications towers
– Thinkstock / sezer66

Everest stated that the tower assets in the transaction are scattered across 37 states.

Financial terms of the transaction were not disclosed.

As part of the deal, Charter will receive existing and future tower-use rights across the nationwide tower portfolios of Everest and TowerCo.

The company will also be the preferred fiber provider to applicable tower sites included in the transaction, confirmed Everest.

“Both Everest and TowerCo are incredibly pleased to have been selected by Charter for this transaction,” said Mike Mackey, president of Everest. “We believe these tower assets are high-quality complements to our existing portfolios and we look forward to expanding the network coverage of our customers with increased leasing activities in the future.”

Everest Infrastructure Partners and TowerCo are each supported by lead equity sponsor, Peppertree Capital Management. Houlihan Lokey served as financial advisor to Charter on the transaction.

Thompson Hine LLP acted as external legal counsel on behalf of Everest Infrastructure Partners and TowerCo.

Everest acquired Portuguese tower company Blue Sites Telco earlier this year. It represented the fourth international market that Everest has invested in after the US, where it's based, along with Australia, and New Zealand.

Across the four countries, Everest owns more than 2,500 communications tower sites.

Earlier this week Charter announced it's investing $1.3 billion to expand its network in Texas.