April 2016Crown Castle Announces Acquisition of Tower Development Corporation
April 8, 2016 - Houston, Texas - Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") announced today that it acquired Tower Development Corporation ("TDC") for approximately $461 million in cash on April 8, 2016. TDC, a portfolio company of Berkshire Partners, owns and operates 336 towers in the U.S. and Puerto Rico with an average tenancy of approximately two tenants
The transaction is expected to contribute approximately $25 to $27 million to site rental gross margin in the first full year of Crown Castle's ownership and be immediately accretive to Adjusted Funds from Operations per share. Crown Castle funded the acquisition with available cash, including cash on hand, cash from borrowings under its revolving credit facility and cash from the sale of approximately 3.5 million net shares of common stock at an average price of $85.52 per share year-to-date.
"Our acquisition of TDC is another successful milestone in our long-term relationship with Berkshire Partners," stated Ben Moreland, Crown Castle's President and Chief Executive Officer. "The TDC acquisition represents an attractive and accretive investment opportunity that further enhances Crown Castle’s portfolio of wireless infrastructure."
About Crown Castle
Crown Castle provides wireless carriers with the infrastructure they need to keep people connected and businesses running. With approximately 40,000 towers and 17,000 small cell nodes supported by approximately 16,000 miles of fiber, Crown Castle is the nation's largest provider of shared wireless infrastructure with a significant presence in the top 100 US markets. For more information on Crown Castle, please visit www.crowncastle.com.
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Title: Crown Castle Announces Acquisition of Tower Development Corporation
Date Published: April 8, 2016
Date Accessed: April 11, 2016