EL SEGUNDO, Calif., Dec. 09, 2021 (GLOBE NEWSWIRE) — Landmark Infrastructure Partners LP today announced that holders of a majority of the common units of the Partnership, including a majority of the common units held by unaffiliated holders, voted to approve the acquisition of the Partnership by the Partnership’s sponsor, Landmark Dividend, at a special meeting held earlier today. The Partnership will file final voting results with the Securities and Exchange Commission on a Form 8-K once they are certified by the independent inspector of elections.
Tim Brazy, Chief Executive Officer of the Partnership, said, “On behalf of the entire Board of Directors and management team, we thank unitholders for their overwhelming support. Today’s announcement represents a significant milestone in this process, and we are excited to complete the transaction by the end of the year.”
Steven Sonnenstein, Chairman of Landmark Infrastructure Partners GP LLC (“Landmark GP”), the general partner of the Partnership, said, “With this agreement, we are proud to have delivered one of the highest premiums ever paid in a GP / MLP transaction. We are confident that this is a terrific outcome for all stakeholders.”
As previously announced on August 23, 2021, following lengthy negotiations between the Conflicts Committee of the Board of Directors of Landmark GP and LD, the Partnership and LD entered into a definitive agreement under which the Partnership will be acquired by LD for $16.50 in cash for each common unit owned (excluding common units owned by LD). The acquisition price represented a premium of 38% to the Partnership’s unaffected unit price on May 14, 2021, the last business day prior to the announcement of LD’s initial proposal to acquire the Partnership for $13.00 per common unit. The approved transaction is expected to close by year-end 2021, subject to customary closing conditions.
TAP Securities LLC and RBC Capital Markets are acting as financial advisors and Simpson Thacher & Bartlett LLP and Latham & Watkins, LLP are acting as legal advisors to LD. Truist Securities Inc. is acting as left lead arranger and joint bookrunner, and Citizens Bank N.A., RBC Capital Markets and TD Securities (USA) LLC are acting as joint lead arrangers and joint bookrunners for the debt financing. Evercore is acting as exclusive financial advisor and Gibson, Dunn & Crutcher LLP is acting as legal advisor to the Conflicts Committee.
About Landmark Infrastructure Partners LP
The Partnership owns and manages a portfolio of real property interests and infrastructure assets that the Partnership leases to companies in the wireless communication, digital infrastructure, outdoor advertising and renewable power generation industries.
About Landmark Dividend LLC
Landmark Dividend LLC (“LD”) is a real estate and infrastructure acquisition and development company focusing on the digital infrastructure, wireless communications, outdoor advertising and renewable power generation industries. LD currently manages over 5,000 assets originated on behalf of the Partnership and LD’s private investment vehicles.
