TPG in Advanced Talks to Buy Crown Castle Fiber Unit for $8 Billion

Bloomberg12-20

(Bloomberg) -- TPG Inc. is in advanced talks to buy tower operator Crown Castle Inc.’s fiber business for about $8 billion, according to people familiar with the matter. A deal for the fiber and ...

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No final decision has been made and discussions could fall through or another buyer could emerge, the people added. Representatives for TPG and Crown Castle declined to comment. Crown Castle launched a review of the fiber business last year as part of a pact with activist investor Elliott Investment Management, which also won seats on the Houston-based real estate investment trust’s board. Crown Castle fell 2.3% to close at $90.73 in New York trading Thursday, giving the company a market value of about $39 billion. Private equity firms have been pouring cash into fiber and digital-infrastructure companies in recent years to help fund expansion. Crown Castle’s wireless assets include a network of so-called small cells — small antennas that increase a wireless network’s capacity. Those are connected by fiber optic cable. A sale would leave Crown Castle to focus on its core towers business, which has about 40,000 towers throughout the US, according to an investor presentation in November. TPG has a long history of investing in media and telecommunications. In September, it agreed to buy AT&T Inc.’s remaining 70% stake in DirecTV. ©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492343393"}