HOUSTON-Crown Castle International Corp. said France Telecom agreed to sell approximately 24.9 million shares of Crown Castle common stock through Salomon Smith Barney Inc. and Goldman, Sachs & Co. in an underwritten public offering for $693.1 million. The sale was scheduled for Thursday.
When the offering is closed, France Telecom will relinquish its governance rights in Crown Castle and its subsidiaries. Within 30 days of the closing, France Telecom will sell its remaining interests in Crown Castle to one or more financial institutions, which will be required to agree to hold these shares for a one-year lock-up period, Crown Castle said.
After one year, the institutions have the right to sell the remaining shares, and after two years, Crown Castle said it will have the right to require the financial institutions to sell the remaining shares.
