Communications & Technology
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As reported in The Wall Street Journal and other media outlets, Paul, Weiss is representing Lendlease Group in its establishment of a $5 billion infrastructure joint venture with SoftBank Group to develop and own telecom infrastructure assets in the United States.
The joint venture, to be known as Lendlease Towers, will focus on partnering with major U.S. carriers to roll out phases of their infrastructure expansion plans to meet growing demand for data. Most of the infrastructure will initially come from Sprint Corporation, which plans to shift its leases for rooftop transmitters and other sites to the joint venture. SoftBank owns about 80 percent of Sprint’s outstanding shares. The new company also plans to strike agreements with more wireless carriers.
The initial capital has been allocated to fund the acquisition and strategic restructuring of approximately 8,000 existing telecom sites, including rooftops and other structures, across the United States. Lendlease has been appointed the joint venture manager, asset manager and development manager.
The Paul, Weiss team included corporate partners Bruce Gutenplan and counsel Andrea Quek; real estate partner Mitchell Berg; bankruptcy partner Jacob Adlerstein; tax partner Scott Sontag; and antitrust counsel Marta Kelly.October 18, 2017