Crown Castle acquiring Tower Development Corporation
Crown Castle announced the acquisition Tower Development Corporation, an American tower company that owns and operates 336 towers in both the United States and Puerto Rico. TDC was acquired for $461 million in cash. The towers average two tenants per tower and are expected to contribute approximately $25 million to $27 million to site rental gross margin in the first full year of Crown Castle’s ownership.
“The TDC acquisition represents an attractive and accretive investment opportunity that further enhances Crown Castle’s portfolio of wireless infrastructure,” Ben Moreland, Crown Castle’s President and Chief Executive Officer, said.
American Tower closes Viom deal
Recently RCR Wireless News reported that American Tower was entering into a deal for a 51% controlling ownership interest in the Indian tower company Viom Networks, which owns and operates more than 42,000 communications sites in India. We can now report that the deal has officially closed. Payment for the acquisition included 76 billion Indian Rupees ($1.1 billion) in cash and the assumption of 51 billion in existing INR-denominated debt ($765 million). This was done using some of American Tower’s existing revolving credit facilities and cash on hand.
NATE releases new #ClimberConnection video
The National Association of Tower Erectors released the latest video in its #ClimberConnection series, highlighting various safety issues in the tower industry. The video is about professionalism and includes a testimonial from a tower climber discussing the characteristics that make up a professional elevated worker in the industry. The video highlights the important role that professionalism plays in establishing a culture of safety and quality within a tower crew, a contractor company and amongst a company’s client base. The Professionalism Video also includes footage of a tower crew effectively communicating and establishing a respectful rapport with each other at the tower-site.
Tower news quickies
• NATE releases official photos from the 2016 NATE UNITE conference in New Orleans, La.
Regional / local tower news
- Verizon withdraws controversial cell tower application in Pagosa Lakes, Colo.
- Verizon cell tower won’t be moved to build school auditorium in Oak Creek, Wis.
- Hood River County, Ore. adopts cell tower rules
- Amid protests, school cell tower work starts in Green Bay, Wis.
- Cell tower again raises neighbors’ ire in San Marcos, Calif.
- Martha’s Vineyard, Mass. allows Chappaquiddick cell tower
- Summit Cove, Colo. residents report mixed success with new cell tower
- Columbiana, Ohio police want to ride along on cell tower
- Cell tower still planned for New Hartford, N.Y.
- Hidden Valley, Calif. cell tower approved
- Eastlink pitches new cell tower site in Kingston, Nova Scotia, Canada
- Vodafone completes first ‘off-grid’ cell tower in Coromandel, New Zealand
