je.st
news
Macquarie to buy Crown Castle Australia for AUD 2 bln
2015-05-14 14:25:00| Telecompaper Headlines
(Telecompaper) Mobile towers operator Crown Castle announced an agreement to sell its Australian subsidiary to a consortium of investors led by Macquarie Infrastructure and Real Assets for AUD 2.0 billion in cash (USD 1.6 billion). Crown Castle will use the estimated net proceeds of USD 1.3 billion to finance its previously announced acquisition of Sunesys and paying down debt. US-based Crown Castle announced in February it was considering the sale of the Australian subsidiary CCAL, in which it owns 77.6 percent. CCAL is the largest independent tower operator in Australia with around 1,800 sites under management. It entered the Australian market in 2000, acquiring towers first from Optus and later from Vodafone and Hutchison, and also serves the NBN Co and emergency networks. The Australian company contributes around 4-5 percent of Crown Castle's estimated annual EBITDA. Macquarie is an Australia-based financial services company with investments in infrastructure throughout the world.
Tags: buy
australia
crown
castle
Category:Telecommunications