Crown Buys Global Signal

Crown Castle International and Global Signal have entered into a definitive agreement

October 6, 2006

1 Min Read

HOUSTON -- Crown Castle International Corp. (NYSE: CCI) and Global Signal Inc. (NYSE: GSL) announced that they have entered into a definitive agreement for Crown Castle to acquire Global Signal in a stock and cash transaction valued at approximately $5.8 billion, including debt. The transaction brings together two of the nation's leading tower companies, with over 24,000 wireless sites. The combined company will have a high-quality portfolio of wireless towers that are well-positioned for expected growth, with 16,240 of its towers in the top 100 BTA's, the most of any tower company.

"We expect this extraordinary combination of companies with the most towers in the best markets to create significant value for our customers and shareholders," stated John P. Kelly, Crown Castle's Chief Executive Officer. "The complementary nature of our US portfolios will result in a high-quality, diversified customer base, with 76% of site rental revenues from the four largest US wireless carriers. Further, we have an experienced management team, which will now be leveraged across a larger portfolio, with proven abilities to excel in this industry. This transaction reflects our continued commitment to undertaking endeavors that we believe will maximize recurring cash flow per share, which we feel is the best way to create and increase shareholder value. We believe this combination enhances our ability to achieve our long-term goal of 20 to 25% annual recurring cash flow per share growth."

Crown Castle International Corp. (NYSE: CCI)

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