Communications Sales & Leasing Inc (NASDAQ:CSAL) has declared a quarterly cash dividend of $0.6 per share. The dividend is payable on April 15, 2016, to stockholders of record on March 31, 2016.
Communication Sales and Leasing recently announced an agreement to acquire PEG Bandwidth, LLC. The company is a leading provider of infrastructure solution that includes dark fiber and cell site backhaul for telecom carriers and enterprises. It owns an extensive fiber network that consists of over 300,000-strand mill in South Central region of the U.S, Illinois, and Northeast/ Mid-Atlantic.
Acquisition of PEG Bandwidth is a strategic plan for CS&L. Kenny Gunderman, President and Chief Executive Officer of CS&L noted that PEG Bandwidth has a rich fiber-to-the-tower network, a respectable management team and a strong customer relation with over 80% of revenue from the largest wireless carrier. He further noted that PEG will provide CS&l a high growth operating platform as they continue to create a fiber rich REIT focused on purchasing and constructing mission critical communication infrastructure assets.
Scott Bruce, managing director at Associated Partners, noted that CS&L is a great partner as PEG continues to grow. He continued that they were thrilled to have kept equity in CS&L given their assessment of the future prospect. Scott is expected to join the company’s board of directors following the completion of this transaction.
Communication Sales and Leasing is scheduled to report its fourth quarterly and end-year financial results on March 3, 2016, before the market opens.
Communication Sale and Leasing is an internally managed real estate investment trust that is engaged in purchase and construction of critical infrastructure in the communication industry. CS&L currently own, 235,000 route miles of copper 3.5 million fiber strand miles and other properties in 29 states.