CDPQ signs deal to acquire 30% stake in U.S. cell tower company
The CDPQ held $309.5 billion in net assets at the end of last year, which it manages for pension and insurance plans in Quebec
MONTREAL – The Caisse de depot et placement du Quebec has signed a deal to acquire a 30 per cent stake in a private company that owns and operates a large collection of cell towers and other telecommunications infrastructure in the United States.
The Caisse didn’t immediately disclose how much it’s investing in the main subsidiary of Vertical Bridge Holdings LLC of Boca Raton, Fla.
The transaction is subject to regulatory approvals.
Vertical Bridge owns, operates and leases over 266,000 locations that can be used for wireless networks including towers, rooftops, billboards, and utility attachments.
The Caisse says Vertical Bridge will use from its investment to expand its portfolio of towers, small cells, real estate and other wireless infrastructure assets for fifth-generation wireless services.
The CDPQ held $309.5 billion in net assets at the end of last year, which it manages for pension and insurance plans in Quebec.