Crown Castle buys Tower Development Corp for $461 million

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Telecom tower operator Crown Castle International Corp (CCI.N) said it bought Berkshire Partners-owned Tower Development Corp for $461 million in cash.

The deal would immediately add to Crown Castle’s adjusted funds from operations per share and contribute about $25 to $27 million to site rental gross margin in the first full year of company’s ownership, Crown Castle said on Friday.

Tower Development Corp owns and operates 336 towers in the United States and Puerto Rico.

(Reporting by Rishika Sadam in Bengaluru; Editing by Don Sebastian)