Crown Castle Buys TDC for $461 million
Crown Castle acquired Tower Development Corp, for $461 million cash Friday, Crown said in a news release. TDC, part of Berkshire Partners, owns and operates 336 towers in the U.S. and Puerto Rico with an average of two tenants per…
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tower. Crown Castle said it expects the deal to add between $25 million and $27 million to site rental gross margin in the first full year of the acquisition. Crown funded the acquisition with available cash, including cash on hand, cash from borrowings under its revolving credit facility and cash from the sale of about 3.5 million net shares of common stock at an average price of $85.52 per share.