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Crown Castle acquires Tower Development in $461M deal

Crown Castle InternationalCorp. bought out Tower Development Corp. in a cash deal valued at roughly$461 million.

The company said April 8 that it financed the transaction usingavailable cash, including cash on hand, cash from borrowings under its revolvingcredit facility and cash from the sale of about 3.5 million net common shares atan average per-share price of $85.52 year-to-date.

Crown Castle expects the transaction to contribute about $25million to $27 million to its site rental gross margin in the first full year ofits ownership and that it will be immediately accretive to AFFO per share.

A Berkshire Partners portfolio company, Tower Development ownsand operates 336 towers in the U.S. and Puerto Rico with an average tenancy of abouttwo tenants per tower, according to a release.