Long River Closes $400M Optasite Sale

Worcester-based cell tower site acquisition, construction and maintenance firm Optasite Inc. has been sold to SBA Communications for $400 million.

Optasite was sold to SBA by Westborough-based Long River Ventures, a venture capital firm that invested heavily in Optasite's start-up and held the company in its portfolio. Boca Raton, Fla.-based SBA bought Optasite for 7.25 million shares of SBA common stock. Long River said the transaction is valued at about $400 million.

The parties agreed to the sale in July and closed the transaction last week.

SBA plans to maintain and expand Optasite's Westborough facility.

Long River started Optasite with a $1.7 million investment. The company raised another $130 million and expanded to 528 communications towers in 31 states, Puerto Rico and the U.S. Virgin Islands.