Conyers has advised Associated Partners LP in connection with the acquisition of AP WIP Investments Holdings, LP (AP Wireless), one of the largest international aggregators of rental streams underlying wireless sites through the acquisition of wireless telecom real property interests and contractual rights, by Landscape Acquisition Holdings Limited (LSE: LAHL) (Landscape) for approximately US$860 million consisting of cash, shares and assumption of debt. With the closing of the transaction, Landscape has been renamed Digital Landscape Group, Inc.
The acquisition was completed pursuant to a merger of Landscape’s wholly owned subsidiary, LAH Merger Sub LLC, with and into APW OpCo LLC, the sole member of AP Wireless, with APW OpCo LLC surviving such merger as a majority owned subsidiary of Landscape. In connection with the transaction, Landscape consummated a private placement of US$100 million at US$10.00 per ordinary share to entities affiliated with Centerbridge Partners, L.P.
AP Wireless began investing in the cell tower leases in 2010 from a headquarters in San Diego and has since expanded operations to 21 locations around the globe. As of 31 December 2019, AP Wireless had interests in the revenue stream of approximately 6,100 assets that were situated on approximately 4,600 different communications sites located throughout the United States and 18 other countries.
Partner Anton Goldstein and Associate Rachael Pape of Conyers’ BVI office advised on the transaction, working alongside the New York office of Cravath, Swaine & Moore.