ATNI sells US towers for $297M, accelerates debt reduction
Tower portfolio sale to Everest Infrastructure reduces leverage, but cuts 6-7% of EBITDA
ATN International agreed to sell 214 communication towers in the Southwestern United States to an affiliate of Everest Infrastructure Partners for up to $297 million in cash, accelerating the telecommunications company's efforts to reduce debt as it shifts strategic focus.
The Beverly, Massachusetts-based company expects to receive initial gross proceeds between $250 million and $270 million when the deal closes in the second quarter of 2026, according to a regulatory filing. ATNI shares declined 0.9% to $25.88 in afternoon trading following the announcement.
The transaction represents approximately 75% of the company's market capitalization of $393 million and will reduce annual EBITDA by $10 million to $13 million, or 6% to 7%, based on the company's trailing EBITDA of $178 million. Annual revenue will decline by $5 million to $7 million.
ATNI plans to allocate $70 million of the proceeds to debt repayment, with the remaining funds earmarked for growth opportunities. The company reported total debt of $579.6 million as of September 30, 2025, with a net debt leverage ratio of 2.47 times EBITDA. Management has targeted a medium-term goal of reducing leverage to approximately 2.0 times, according to third-quarter earnings results.
The tower portfolio sale comes as ATNI transitions its U.S. Telecom segment away from legacy retail mobility services toward more sustainable business and carrier solutions. The company has been pursuing a strategy focused on network monetization, customer segmentation toward business and carrier clients, and disciplined capital spending, analysts noted.
Everest Infrastructure Partners, which operates across the United States, Australia, Portugal, and New Zealand, has secured over $1 billion in committed capital for infrastructure acquisitions, according to company disclosures. The firm has been an active acquirer of wireless infrastructure assets, including recent purchases of 546 towers from Charter Communications and 70 towers from Tower Ventures.
The valuation for ATNI's tower portfolio represents a premium multiple of approximately 22.8 times to 29.7 times the assets' EBITDA of $10 million to $13 million. This exceeds typical tower company valuations, which generally range between 10 times and 20 times EBITDA, according to industry research. Public tower companies such as American Tower trade at approximately 17.9 times EBITDA.
Tower valuations remained elevated throughout 2025, driven by robust demand for wireless infrastructure supporting 5G network rollouts and increasing data usage, market analysts reported. This trend is expected to continue into 2026 as telecommunications companies expand infrastructure to meet growing connectivity demands.
The modest stock decline reflects investor concerns about the impact on earnings power, as the towers represent a meaningful portion of ATNI's EBITDA base. However, analysts have noted that the sale price appears favorable given current market conditions for tower assets, and the proceeds will strengthen the company's balance sheet at a time when debt reduction is a strategic priority.
ATN International reported third-quarter 2025 adjusted EBITDA of $49 million, up from the prior year, with revenue of $183 million representing a 3% year-over-year increase. The company has reaffirmed its full-year 2025 guidance, projecting revenue essentially flat with 2024 levels of approximately $725 million and EBITDA around $184 million, according to investor presentations.
The tower sale marks a significant step in ATNI's broader restructuring efforts as it focuses on higher-margin business and carrier solutions while reducing leverage in an environment of rising telecommunications infrastructure valuations.