NEW YORK, Oct. 6, 2020 /PRNewswire/ -- Melody Investment Advisors LP ("Melody Investment Advisors"), an alternative asset manager focused on mission-critical communications infrastructure, is pleased to announce that it has closed its previously announced transaction to acquire CTI Towers, Inc. ("CTI Towers"), an owner and manager of approximately 1,150 wireless towers in the U.S., from a shareholder group led by Comcast Ventures, Comcast Corporation's venture investment arm.
Tony Peduto, CEO of CTI Towers, said, "The continued development of reliable, easily accessible wireless infrastructure has never been more crucial. We're pleased to partner with Melody's deeply experienced investor team as CTI grows and expands its reach to provide a much-needed service throughout the U.S."
John Apostolides, Investment Partner at Melody Investment Advisors, said, "We have a long-standing relationship with Tony Peduto and other key members of the CTI Towers' team and look forward to building on the foundation which Tony, his team and Comcast Ventures put in place over the last decade. Our team at Melody Investment Advisors is excited about expanding the number of mission-critical infrastructure assets that we can provide to our partners in the communications ecosystem."
Melody's acquisition of CTI Towers follows its acquisition in May of Harmoni Towers (formerly Uniti Towers). With the closing of the CTI Towers transaction, Melody Investment Advisors, via its affiliates, is now one of the largest private owners and marketers of wireless infrastructure properties in the U.S.
About Melody Investment Advisors
Melody Investment Advisors is an alternative asset manager focused on communications infrastructure. Melody Investment Advisors was founded in 2019 and is comprised of the TMT and communications infrastructure team of Melody Capital Partners, LP ("MCP") and additional team members. Melody Investment Advisors is led by Omar Jaffrey, co-founder of MCP.
The firm invests directly in telecommunications assets and also seeks to provide innovative financing solutions to complex problems for leading global communications companies. Together with its experience at MCP, the Melody Investment Advisors team has deployed over $1 billion in capital in this sector over the past six years. To learn more about Melody Investment Advisors, visit www.melodyinvestmentadvisors.com.
About CTI Towers
CTI Towers is one of the nation's largest private tower companies. Founded in 2011 with an investment from Comcast Ventures, CTI Towers grew its portfolio to 300 towers before divesting assets in March 2015. Since then, CTI Towers has grown its portfolio to approximately 1,150 owned or managed towers. CTI Towers has acquired towers from major cable television operators and private owners to attain its growth. CTI Towers works closely with its cable partners to ensure the primary business of the cable operator is protected while serving its wireless customers. CTI Towers currently ranks as the seventh largest tower operator in the country.
About Comcast Ventures
Comcast Ventures (www.comcastventures.com) is the venture capital affiliate of Comcast Corporation. It is a returns-focused venture capital firm with a 20-year history investing in consumer, enterprise, and frontier technology companies. The portfolio has grown to more than 130 companies. Comcast Ventures is consistently ranked on the list of top 10 most active CVCs. The team includes experienced investors, entrepreneurs, and startup operators based in offices in San Francisco, New York, Philadelphia, and Los Angeles.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including with respect to the anticipated benefits and timing of the proposed transaction. Forward-looking statements can be generally identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "continue" or similar terminology. These statements reflect the parties' current expectations and are not guarantees of future performance or results. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from those contained in, or implied by, the forward-looking statements. These risks and uncertainties include, but are not limited to, conditions to the closing of the proposed transaction may not be satisfied, the proposed transaction may involve unexpected costs, liabilities or delays; CTI Towers' ability to recognize the anticipated benefits of the proposed transaction; the effect of the announcement or pendency of the proposed transactions on CTI Towers' business relationships, operating results, and business generally; the risk that revenue opportunities, cost savings, synergies and other anticipated benefits from the proposed transaction may not be fully realized or may take longer to realize than expected; and risks related to the equity and debt financing entered into in connection with the proposed transaction. These forward-looking statements speak only as of the date on which the statements were made. Neither Melody Investment Advisors nor CTI Towers undertakes any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
SOURCE Melody Investment Advisors