By June, Melody Wireless Infrastructure will come under new ownership under an agreement for it to be acquired by Diamond Communications and Sculptor Real Estate (SRE) for $1.625 billion. Melody, a private real estate investment trust, owns 2,300 wireless communications sites. Its portfolio includes rooftop installations, communications towers and ground leases under communications towers.
SRE, a founding shareholder of Diamond, has been Diamond’s longtime partner. SRE’s president, Steven Orbuch, said he commended Melody’s team on the quality of the assets it assembled.
Diamond’s CEO, Ed Farscht, said that the acquisition would transform Diamond’s business and would solidify its position as one of the largest privately held wireless infrastructure companies in the United States.
“The Melody assets complement Diamond’s existing portfolio and position Diamond to drive long-term organic growth and to significantly enhance our customer relationships,” Farscht said. The acquisition enhances Diamond’s U.S. footprint of owned and managed wireless collocation properties nationwide, according to a company statement.
Source: Diamond Communications