Crown Castle Announces Acquisition of Tower Development Corporation

HOUSTON, April 08, 2016 (GLOBE NEWSWIRE) -- Crown Castle International Corp. (NYSE:CCI) (“Crown Castle”) announced today that it acquired Tower Development Corporation (“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 funded the acquisition with available cash, including...

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