Crown jewels: tower company buying FiberNet for USD1.5bn

3 Nov 2016

Infrastructure group Crown Castle International has entered into a definitive agreement to acquire FPL FiberNet Holdings and certain other subsidiaries of NextEra Energy (collectively, ‘FiberNet’) for approximately USD1.5 billion in cash. FiberNet owns and/or has rights over approximately 11,500 route miles of fibre installed and under construction in Florida and Texas, inclusive of approximately 6,000 route miles of fibre in top metro markets. Pro forma for the proposed acquisition, Crown Castle will own or have rights to approximately 28,500 route miles of fibre. Crown Castle currently owns approximately 40,000 wireless towers and 17,000 miles of fibre supporting small cells, and calls itself the US’s largest provider of shared wireless infrastructure, with a significant presence in the top 100 US markets.

‘The addition of FiberNet’s complementary footprint in top metro markets in South Florida and Texas bolsters our fibre available for small cells in markets where we see significant demand from our wireless carrier customers,’ said Jay Brown, Crown Castle’s CEO. Crown Castle expects the acquisition to close in the first half of 2017.

United States, Crown Castle International