HOUSTON—Crown Castle International Corp. is picking up 468 towers with the purchase of Alexandria, Va.-based Mountain Union Telecom L.L.C. for $309 million.
CCI said it expects to close the deal with privately-held Mountain Union by July 1, a move the company said would add $26 million in annualized site rental revenue to its bottom line. Crown Castle stands to gain towers in Puerto Rico, Los Angeles, Denver, Phoenix and Las Vegas. The towers are, on average, about 5 years old. Crown Castle said it is also acquiring an additional 79 towers that are in various stages of development.
“Since its inception in 1999, Mountain Union has focused on the acquisition and development of towers in well populated and difficult to zone areas where there is robust wireless carrier demand and activity,” stated David Weisman, president and chief executive of Mountain Union.
CCI is the nation’s second largest tower owner and operator with some 13,300 towers.
News of the acquisition didn’t do much for CCI’s stock as shares ticked up just 8 cents to $34.38 per share during morning trading.
