Wireless tower company Crown Castle International Corp said it plans to purchase privately held NextG Networks Inc for about $1 billion in cash as it looks to expand its position in smaller wireless tower market. NextG Networks operates thousands of distributed antenna systems -- smaller versions of the mega-towers owned by Crown Castle -- for use by telecom operators."Increasingly, we believe that small-cell architecture, such as DAS, will be an important complement to traditional macro tower installations," Crown Castle's chief executive Ben Moreland said.The wireless tower company said it would fund the purchase of NextG -- owned by a group of investors led by Madison Dearborn Partners -- with debt financing.
Crown Castle International Corp.(CCIC) owns, operates and leases towers and other wireless infrastructure, including distributed antenna system (DAS) networks in the United States and rooftop installations. Shares of CCI remained unchanged at $43.41. In the past year, the shares have traded as low as $36.38 and as high as $46.27. On average, 1813110 shares of CCI exchange hands on a given day and today's volume is recorded at 0.
Source
