Uniti Group, MIP complete acquisition of Bluebird Network
Uniti Group announced the closing of its previously announced sale-leaseback and fiber acquisition with Bluebird Network through an OpCo-PropCo partnership with Macquarie Infrastructure Partners. At closing, Uniti acquired approximately 178,000 fiber strand miles in the Midwest across Missouri, Kansas, Illinois, and Oklahoma. In addition, Uniti completed the sale of its Uniti Fiber Midwest operations to MIP, while Uniti retains ownership of its existing Midwest fiber network. Uniti is leasing the Bluebird fiber network and its Midwest fiber network, on a combined basis, to MIP under a long-term triple net lease. Total consideration for the fiber network of Bluebird is $319M, of which $175M is funded by Uniti in cash and $144M in upfront lease payments from MIP. In connection with the sale of the Company's Midwest operations, Uniti received total additional cash consideration of approximately $37M, including related prepaid rent.