S.F.-Based FiberTower Completes $1.5 Billion Merger with First Avenue

San Francisco -- San Francisco-based FiberTower said on Wednesday that it has completed its $1.5 billion merger with Virginia-based First Avenue Networks in a deal creating one of the nation's largest operators of wireless transport services. Both companies operate networks to provide backhaul -- a service that allow wireless carriers to transmit calls to a central location, where they can then be distributed over a network. Under the terms of the agreement, First Avenue has issued approximately 73.9 million of its stock, with FiberTower owning 51% of the combined company. The combined company, now known as FiberTower, will trade on the Nasdaq Global Market under the symbol "FTWR" and will have an installed base in 12 markets with more than 1,000 sites. The deal was first announced in May.
http://www.fibertower.com/news-press-releases-083006-merger-complete.shtml