Crown Castle entertaining offers for their 1,772 towers in Australia
Potential buyers are lining up to acquire this profitable tower portfolio, marking a major deal in the Australian market
Crown Castle International Corp., the largest provider of shared wireless infrastructure in the US, is considering the sale of its share in Australian subsidiary CCAL. Crown Castle currently owns a 77.6% stake in CCAL which is the largest wireless tower operator in Australia. The CCAL portfolio includes 1,772 towers with an average tenancy believed to be around 2.4, generating roughly US$107bn EBITDA on an LQA basis. According to the Australian Financial Review, the towers are expected to sell for ~US$1.25bn, representing 17x-18x earnings. Crown Castle Australia has been responsible for the vast majority of tower deals in Australia since it was founded in 2000; it built its portfolio with towers acquired from Optus, Hutchison and Vodafone between 2000 and 2008.