Lightower Sold for $7.1 Billion

Crown Castle to acquire Lightower for $7.1B in cash

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Crown Castle International Corp. (CCI) announced that it has entered into a definitive agreement to acquire LTS Group Holdings, or #Lightower, from #Berkshire Partners, Pamlico Capital and other investors for approximately $7.1B in cash, representing approximately 13.5x expected adjusted EBITDA contribution during Crown Castle’s first full year of ownership.

Lightower owns or has rights to approximately 32,000 route miles of fiber located primarily in top metro markets in the Northeast, including Boston, New York and Philadelphia.

Lightower’s products include network and video transport, alternative access, nationwide long haul services, dark fiber, Ethernet, and cloud computing services. Lightower has built out access to over 22,000 service locations throughout the Northeast, Mid-Atlantic, and Midwest including 275+ data centers and 7,000+ wireless towers

Following completion of the transaction, Crown Castle will own or have rights to approximately 60,000 route miles of fiber.

Crown Castle CEO Jay Brown said, “We expect the transaction to be immediately accretive to our AFFO per share and long-term dividend growth and, as a result, anticipate increasing our annual common stock dividend rate, subject to approval by our board of directors, between 15c and 20c per share following the closing of the transaction.”

Crown Castle International Corp., owns, operates, and leases shared wireless infrastructure in the United States and Australia. Th company is headquartered in Houston Texas.

CCI closed at $96.64.

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The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

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