CROWN CASTLE INC. acquired Mountain Union Telecom, LLC for $309 million, a transaction announced in May 2006, structured as All-cash acquisition of the equity interests; over 98% acquired at close with a call right on the remaining interest, funded via credit facility borrowings..
Mountain Union Telecom, LLC operates in Towers, is based in United States and Puerto Rico. In May 2006 Crown Castle agreed to acquire all of the outstanding equity interests of privately held Mountain Union Telecom, LLC, a tower developer and operator founded in 1999 that focused on towers in well-populated, difficult-to-zone markets with robust carrier demand. At closing the portfolio was expected to include 468 completed sites plus 79 towers in various stages of development, generating roughly $26 million in annualized site rental revenue, with concentrations in Puerto Rico, Los Angeles, Denver, Phoenix and Las Vegas. The transaction was expected to close on or about July 1, 2006.
Added 468 revenue-producing towers plus a development pipeline in high-demand, hard-to-zone markets, complementing Crown Castle's existing U.S. tower assets and its focus on maximizing long-term recurring cash flow per share.
We continue to invest in opportunities we believe will drive long-term shareholder value.John P. Kelly, President and Chief Executive Officer, Crown Castle International
Advisory firms were not disclosed for this transaction.