Crown Castle To Acquire Wilcon Holdings For About $600 Mln

(RTTNews) - Crown Castle International Corp. (CCI) said that it agreed to acquire privately-held Wilcon Holdings LLC for about $600 million from Pamlico Capital and other unit holders of Wilcon.

Wilcon is a fiber services provider that owns approximately 1,900 route miles of fiber, primarily in Los Angeles and San Diego. Pro forma for the proposed acquisition, Crown Castle will own or have rights to over 28,000 route miles of fiber.

Crown Castle expects the acquisition to close in the third quarter of 2017. In the first year of Crown Castle's ownership, the transaction is expected to contribute approximately $40 million to gross margin and approximately $10 million of general and administrative expenses. Crown Castle anticipates financing the transaction consistent with maintaining its current investment grade credit metrics.