Crown Castle Acquires Tower Development For About $461 Mln In Cash

(RTTNews) - Crown Castle International Corp. (CCI) said that it acquired Tower Development Corporation or "TDC" for approximately $461 million in cash on April 8, 2016. TDC, a portfolio company of Berkshire Partners, owns and operates 336 towers in the U.S. and Puerto Rico with an average tenancy of approximately two tenants per tower.

The transaction is expected to contribute approximately $25 to $27 million to site rental gross margin in the first full year of Crown Castle's ownership and be immediately accretive to Adjusted Funds from Operations per share.

Crown Castle noted that it funded the acquisition with available cash, including cash on hand, cash from borrowings under its revolving credit facility and cash from the sale of approximately 3.5 million net shares of common stock at an average price of $85.52 per share year-to-date.