Crown Castle International Corp. announced today that it plans to explore the potential sale of its Australian subsidiary ("CCAL").
"In light of recent unsolicited offers we have received for our interest in CCAL, we have determined that fully exploring the options available to us will ensure the best long-term results for our shareholders," stated Ben Moreland, Crown Castle's President and Chief Executive Officer. "Similar to our US business, CCAL has developed into a leading wireless infrastructure provider in the attractive Australian market with a unique portfolio of assets and platform for future growth and expansion."
CCAL is the largest independent tower operator in Australia. Crown Castle owns 77.6% of CCAL and has an intercompany loan of approximately A$306 million due from CCAL as of December 31, 2014. CCAL is expected to contribute approximately 4% to 5% to the midpoint of Crown Castle's previously provided full year 2015 Outlook for Adjusted EBITDA of US$2.15 billion and AFFO of US$1.46 billion. Crown Castle's full year 2015 Outlook was previously provided on January 21, 2015 and assumed an exchange rate of 0.81 US dollars to 1.0 Australian dollar.
There can be no assurance that the exploration of a potential sale will result in the consummation of any specific action. Crown Castle does not intend to discuss developments with respect to the exploration of a sale unless or until its Board of Directors reviews and approves a specific action or otherwise deems further disclosure is appropriate or required.
Source : Crown Castle International Corp