FiberTower raises $150 million
FiberTower, a provider of backhaul services for wireless carriers backed by three major tower companies--American Tower, Crown Castle International and SpectraSite Communications--announced a $150 million financing round led by existing investor Crown Castle.
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Also joining the round were Oak Investment Partners and Affiliates; Tudor Investment Corp. and Affiliates; Goldman, Sachs & Co. and Meritech Capital Partners and Affiliates. Ben Moreland, chief financial officer of Crown Castle, and Darryl Schall of Tudor Investment will join FiberTower’s Board of Directors.
Using fiber and its own Digital Radio Link technology, FiberTower serves four of the top five major U.S. wireless carriers in nine metropolitan markets, growing from its initial deployment with Cingular Wireless in 2002. With this $150 million investment, the total company financing reaches $225 million.
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