HOUSTON-Crown Transmissions International, the United Kingdom subsidiary of Crown Castle International Corp., purchased Millennium Communications Ltd. for about $15.5 million.
Millennium will become an operating division of CTI, focused on the build-to-suit tower industry, said CCI. About 10 percent of the purchase price is contingent on an earn-out tied to site leasing performance.
The purchase price includes $9.71 million in cash, approximately $4 million in newly issued CCI stock, and the assumption of about $1.88 million in debt. The value of the newly issued 589,000 shares of stock is based on a trading price of $6.63 per share.
