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U.S. infrastructure specialist announces acquisition of Tower Development Corporation.
Crown Castle has boosted its portfolio of telecoms towers with the US$461 million acquisition of Tower Development Corporation (TDC).
The U.S.-based mobile infrastructure specialist bought its smaller rival from Berkshire Partners.
The deal gives it an additional 336 towers in the U.S. and Puerto Rico. The sites have two tenants each, on average.
"The TDC acquisition represents an attractive and accretive investment opportunity that further enhances Crown Castle’s portfolio of wireless infrastructure," Crown Castle chief executive Ben Moreland said in a statement last week.
The company said the deal will contribute $25 million-$27 million to its site rental gross margin in its first full year of ownership.
It funded the deal with available cash.
Crown Castle’s U.S. portfolio comprises around 40,000 towers and 17,000 small cell nodes.
