CROWN CASTLE INC. acquired BellSouth tower operating rights for $610 million, a transaction announced in March 1999, structured as Acquisition of long-term operating rights via a lease arrangement (treated by BellSouth as a tower sale for tax purposes); cash-and-stock consideration, closed in stages..
BellSouth tower operating rights operates in Towers, is based in Southeastern and midwestern United States. In March 1999 Crown Castle agreed to acquire the operating rights to approximately 1,850 towers from BellSouth Mobility Inc. and BellSouth Telecommunications Inc. Structured as a long-term lease that BellSouth treated as a sale of the towers for tax purposes, the portfolio represented substantially all of the towers in BellSouth's 850 MHz wireless network across the southeastern and midwestern United States. A related June 1999 sublease agreement covered additional BellSouth DCS towers.
Secured operating control of substantially all towers in BellSouth's 850 MHz wireless network, adding scale to Crown Castle's shared-infrastructure model with BellSouth as an anchor tenant.
Advisory firms were not disclosed for this transaction.