CROWN CASTLE INC. acquired Powertel, Inc. (tower portfolio) for $275 million, a transaction announced in March 1999, structured as All-cash acquisition of the tower portfolio and related assets, accounted for under the purchase method..
Powertel, Inc. (tower portfolio) operates in Towers, is based in United States. In March 1999 Crown Castle entered into an agreement to purchase approximately 650 wireless communications towers and related assets from Powertel, Inc. The towers, largely more than 100 feet tall and able to accommodate multiple tenants, were folded into Crown Castle's U.S. tower operations, with Powertel remaining an anchor carrier tenant. Crown Castle accounted for the transaction as an acquisition under the purchase method.
Expanded Crown Castle's U.S. tower portfolio with multi-tenant-capable towers and deepened its anchor-tenant relationship with Powertel as part of its strategy to consolidate ownership and management of carrier towers.
Advisory firms were not disclosed for this transaction.