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Crown Castle International Corp Announces $4.85 Billion Tower Transaction With AT&T Inc

Sunday, 20 Oct 2013 05:00pm EDT 

Crown Castle International Corp announced that it has entered into a definitive agreement pursuant to which Crown Castle will acquire rights to approximately 9,700 AT&T towers for $4.85 billion in cash at closing (subject to certain limited adjustments). Under the definitive agreement, Crown Castle will have the exclusive right to lease and operate the AT&T towers for a weighted average term of approximately 28 years. In addition, Crown Castle will have the option to purchase the towers at the end of the respective lease terms for aggregate option payments of approximately $4.2 billion, which payments, if exercised, would be primarily between 2032 and 2048. The transaction is expected to close in the fourth quarter of 2013. Crown Castle is being advised by Cravath, Swaine & Moore LLP as legal advisor. 

Company Quote

-0.07 -0.21%
24 Dec 2014