OKLAHOMA CITY, June 30, 2005 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq: DCEL) today announced that its subsidiaries, Dobson Cellular Systems, Inc. and American Cellular Corporation, have completed the sale of 507 cellular towers to Global Tower Partners (GTP) for $77.0 million, pursuant to the previously announced agreement. Subject to routine closing conditions, Dobson expects to complete the sale of an additional 56 towers for approximately $8.5 million to Global Tower by the end of 2005.
Under the completed sale, Dobson Cellular Systems received approximately $46.1 million for 323 cell towers, and American Cellular received approximately $30.9 million for 184 cell towers.
As part of the sale agreement, Dobson, American Cellular and Global Tower Partners signed 10-year lease agreements for the towers, with three 5-year lease renewal options. Terms of the lease agreement were not disclosed.
Daniels & Associates, the Denver-based telecommunications and media mergers & acquisitions and corporate finance specialist, represented Dobson Communications in the transaction.
Global Tower Partners (http://www.global-towers.com), based in Boca Raton, Florida, is one of the leading providers of outsourced antenna site facilities to the wireless communications industry in the United States. GTP's business includes the ownership, development, leasing and management of antenna sites on towers and commercial real estate rooftops. GTP owns or master leases more than 2,741 sites, including 1,181 owned towers, concentrated in the Midwest and Eastern United States. GTP's customers are leading wireless communications providers including Nextel, Sprint PCS, AT&T Wireless, T-Mobile, Cingular, Verizon, Centennial Wireless, Dobson Communications Corporation and Tritel Communications.
Dobson Communications is a leading provider of wireless phone services to rural markets in the United States. Headquartered in Oklahoma City, the Company owns wireless operations in 16 states. For additional information on the Company and its operations, please visit its Web site at www.dobson.net