3G Means High Times for Towers

In the race to provide third-generation wireless services, operators of the towers housing the equipment stand to gain, says S&P's Ken Leon

While wireless services stocks have retreated this year, one niche within the industry has stayed strong: wireless tower companies. The four publicly traded companies in this area—American Tower (AMT), SBA Communications (SBAC), Global Signal (GSL), and Crown Castle International (CCI)—have jumped an average of 29.6% so far this year (through Oct. 4), and are trading close to their 52-week highs. The shares got another boost from the Oct. 6 news that Crown Castle will acquire Global Signal for $5.8 billion, including debt, or $55.95 per Global Signal share.

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