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Crown Castle and Global Signal stockholders approve merger of the two wireless tower companies
January 12, 2007
HOUSTON -- Crown Castle International Corp. (NYSE: CCI) ("Crown Castle") announced today that its stockholders voted to approve the merger ("Merger") of Global Signal Inc. ("Global Signal") into a subsidiary of Crown Castle at a special meeting held on January 11, 2007. Global Signal's stockholders also voted to approve the Merger at a separate special meeting held on January 11, 2007.
More than 99% of shares represented at the meeting and more than 87% of the outstanding shares of Crown Castle were voted in favor of the Merger at the Crown Castle stockholders meeting. More than 99% of shares represented at the meeting and more than 91% of the outstanding shares of Global Signal were voted in favor of the Merger at the Global Signal stockholders meeting.
The Merger remains subject to customary closing conditions, and Crown Castle currently expects the Merger to close on January 12, 2007.
"We are excited about the combination of Crown Castle and Global Signal, which will create the largest US wireless tower company with the best-located assets in the industry, with approximately 55% and 72% of our towers in the top 50 and top 100 BTA's, respectively," stated John P. Kelly, President and Chief Executive Officer of Crown Castle. "The complementary nature of the US portfolios and our experienced management team position Crown Castle to remain a leading provider of infrastructure to the wireless industry. Further, we believe this Merger will add significant value to our shareholders by enhancing our expected long-term revenue and cash flow growth rates."
2007 OUTLOOK
The following Outlook tables are based on current expectations and assumptions. The Outlook tables include the expected results of the Merger from January 12, 2007 to December 31, 2007 and assume a US dollar to Australian dollar exchange rate of 0.75 US dollars to 1.00 Australian dollars. If the Merger had closed on or before January 1, 2007, Crown Castle would have expected Adjusted EBITDA to be approximately $10 million higher than the Outlook tables provided below.
Crown Castle International Corp. (NYSE: CCI)
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