8-KAcquisitions & DispositionsOther EventsExhibits & Filings

CROWN CASTLE INC. 8-K Report, Acquisition Completed (Jun 2, 2015)

Filed June 2, 2015For Securities:CCI

Summary

Crown Castle International Corp. (CCI) announced the completion of the sale of its Australian subsidiary, Crown Castle Australia Holdings Pty Ltd (CCAL), on May 28, 2015. The sale to a consortium led by Macquarie Infrastructure and Real Assets generated approximately $1.2 billion in net proceeds for Crown Castle and its subsidiary, Crown Castle Operating LLC (CCOL), after accounting for intercompany debt and transaction expenses. This strategic divestiture marks a significant shift in the company's geographic focus, allowing it to concentrate on its core U.S. operations. Investors should note that the actual cash proceeds are subject to customary working capital adjustments. Furthermore, CCOL is expected to receive an additional installment payment of A$155 million in January 2016. The company has also filed unaudited pro forma condensed consolidated financial information to reflect the impact of this divestiture on its financial statements.

Key Highlights

  • 1Completed the sale of its Australian subsidiary (CCAL) for approximately $1.2 billion in net proceeds.
  • 2The sale was made to a consortium of investors led by Macquarie Infrastructure and Real Assets.
  • 3Proceeds are subject to customary working capital adjustments.
  • 4An additional installment payment of A$155 million is expected in January 2016.
  • 5This divestiture represents a strategic focus on U.S. operations.
  • 6Unaudited pro forma financial information reflecting the sale has been filed.
  • 7No material relationship exists between the buyer and Crown Castle or its affiliates.

Frequently Asked Questions

The primary purpose of this 8-K filing was to report the completion of the sale of Crown Castle's Australian subsidiary, Crown Castle Australia Holdings Pty Ltd (CCAL).

Crown Castle and its subsidiary, Crown Castle Operating LLC, received approximately US $1.2 billion in net proceeds from the sale. This amount is after accounting for intercompany debt, transaction fees, and expenses. Actual cash proceeds may be adjusted based on working capital.

Yes, Crown Castle Operating LLC is entitled to receive an additional installment payment of A$155 million from the buyer, which is due in January 2016.

This divestiture signifies a strategic decision by Crown Castle to concentrate its focus and resources on its core operations within the United States, divesting its international presence in Australia.