HOUSTON-Crown Castle International Corp. and Bell Atlantic Mobile have closed a $660 million transaction involving a five-year exclusive build-to-suit program, the construction of 1,460 wireless towers and the establishment of Crown Atlantic Holding Co. L.L.C., a joint venture formed to own and operate the towers.
The joint venture, of which Crown Castle owns 61.5 percent and Bell Atlantic Mobile 38.5 percent, will be responsible for site acquisition, design and construction activities, as well as for offering collocation opportunities.
Of the 1,460 towers, 56 currently are under construction and are expected to be completed by the end of the second quarter, said Crown Castle.