ROSEVILLE, Calif., Oct. 10 /PRNewswire-FirstCall/ -- Leading independent communications holding company SureWest Communications (Nasdaq: SURW) announced today that it has entered into a definitive agreement to sell its more than 50 owned wireless communications towers to Global Tower Partners. Completion of the transaction is not subject to financing.

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The purchase price is based on tower cash flow and is payable with respect to commenced tenant leases. SureWest expects that the final aggregate purchase price will be in the range of $9.5 to $10.2 million.

The transaction, the initial closing of which is expected to close in the fourth quarter 2008, and at which a substantial portion of the purchase price is payable, is subject to customary closing conditions and regulatory approvals. The company expects to use the net proceeds from the transaction to continue the expansion of its high performing fiber-to-the-home (FTTH) broadband network in both its Sacramento and Kansas City regions. UBS Investment Bank acted as the exclusive financial advisor to SureWest on its tower sale.

Steve Oldham, SureWest's president and chief executive officer, said, 'We are pleased to have found the right buyer for our towers, which was the appropriate move for the company following the sale of our wireless assets to Verizon Wireless earlier this year. We are executing on our plan to divest non-core assets from the business and focus on providing our customers with the most advanced telephone, Internet and television services. The net proceeds from the towers will continue to enhance our financial flexibility as we expand our fiber-based triple-play offerings to a broader service area.'

'The SureWest acquisition affirms our commitment to being one of the leading acquirers of premier tower locations in the United States,' said Marc C. Ganzi, chief executive officer, Global Tower Partners. 'We believe these unique locations will address the growing needs of our customers in enhancing their coverage and network quality throughout Northern California.'

In addition to divesting the assets of its Wireless business for $69.0 million, SureWest sold its Directory Publishing business to GateHouse Media for $110 million in early 2007.