CROWN CASTLE INC. acquired AT&T towers (lease/operate rights) for $4.85 billion, a transaction completed in December 2013, structured as all cash. The deal was a Asset purchase.
AT&T towers (lease/operate rights) operates in Towers, is based in United States; ~9,700 towers, nearly 50% in top 50 US markets. Crown Castle acquired the exclusive right to lease and operate approximately 9,700 AT&T towers for $4.85 billion in cash at closing, for a weighted average term of approximately 28 years, with an option to purchase the towers at the end of the respective lease terms for aggregate option payments of approximately $4.2 billion (primarily between 2032 and 2048).
Reinforces Crown Castle's position as the largest provider of wireless infrastructure in the US with approximately 40,000 towers; nearly 50% of sites in top 50 US markets; approximately 84% of pro forma consolidated site rental revenues from Big 4 US wireless carriers.
Urban-centric portfolio with a high-quality tenant profile, approximately 84% of pro forma site rental revenue from the Big 4 US carriers. Crown Castle towers segment
We are very pleased with our agreement with AT&T, which strengthens our position as the largest provider of shared wireless infrastructure in the US, which we believe is the largest, fastest growing and most profitable wireless market in the world,Ben Moreland, President and Chief Executive Officer, Crown Castle International Corp.
Advisory firms were not disclosed for this transaction.