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Stock Market & Financial Investment News

News Breaks
January 22, 2013
08:14 EDTCCICrown Castle initiated with an Outperform at Pacific Crest
Target $102.
News For CCI From The Last 14 Days
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May 14, 2015
08:34 EDTCCICrown Castle to sell Australian subsidiary for about $1.6B in cash
Crown Castle International announced that it has signed a definitive agreement to sell its Australian subsidiary, CCAL, to a consortium of investors led by Macquarie Infrastructure and Real Assets for an aggregate purchase price of approximately $2.B in cash, or approximately $1.6B assuming an exchange rate of 0.80 U.S. dollars to 1.0 Australian dollar. CCAL is 77.6% owned by Crown Castle. Upon consummation of the Transaction, Crown Castle expects to receive net proceeds of approximately $1.3B after accounting for its ownership interest, repayment of intercompany debt owed to it by CCAL and estimated transaction fees and expenses. The Transaction is expected to close during Q2. Crown Castle expects to use the net proceeds from the Transaction to finance its previously announced acquisition of Sunesys and for general corporate purposes, including the repayment of certain of its indebtedness. CCAL was expected to contribute approximately $97M-$102M to Crown Castle's previously provided full year 2015 Outlook for Adjusted EBITDA of $2.15B-$2.16B. Further, CCAL was expected to contribute approximately $58M-$63M to Crown Castle’s previously provided FY15 Outlook for Adjusted Funds from Operations of $1.45B-$1.47B, respectively.

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