CROWN CASTLE INC. acquires AT&T towers (lease/operate rights)
Snapshot
CROWN CASTLE INC. acquired AT&T towers (lease/operate rights) for $4.85 billion in December 2013. The transaction was structured as all cash. AT&T towers (lease/operate rights) is a United States; ~9,700 towers, nearly 50% in top 50 US markets-based Towers business.
- Acquirer
- CROWN CASTLE INC.
- Target
- AT&T towers (lease/operate rights)
- Value
- $4.85 billion
- Date
- December 2013
- Type
- asset purchase
- Status
- ready
The deal at a glance
About this deal
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
No advisory firms have been disclosed for this transaction.