First Avenue and FiberTower Merge

From Daily Wirelss:

"Cellular/broadcast tower operators Crown Castle and American Tower, which previously created a joint venture in FiberTower, said Monday that they will merge with First Avenue Networks. First Avenue operates a "last mile" broadband wireless system in the 24/39 GHz bands.

The First Avenue/FiberTower merger is valued at approximately $1.5 billion.

First Avenue will issue 73.7 million shares worth about $873 million, reports The Street. It will bring FiberTower public under the First Avenue Networks' ticker, FRNS. FiberTower will own 51 percent of the combined entity. It would have an installed base in 12 markets with more than 1000 sites.

First Avenue Networks (above) bought out the radio spectrum assets of bankrupt of Advanced Radio Telecom (at 39GHz) and Teligent (at 24 GHz) and now has 24/39 GHz licenses throughout the United States with deep coverage in 77 metropolitan areas."