Crown Castle Australia to be sold for US$1.6bn
Crown Castle International is divesting its Australian subsidiary to a consortium of investors led by Macquarie
By Ian Ferguson, Head of Asia, TowerXchange: Crown Castle International Corp. announced on 14 May that they would sell their Australian unit to a group of investors led by Macquarie Infrastructure and Real Assets (MIRA) for US$1.6bn in cash. Other bidders are believed to have included U.S. based Providence Equity Partners, New Zealand infrastructure asset manager Morrison & Co, and Canada’s Brookfield Asset Management.
"The CCA business has the qualities that infrastructure investors around the world seek: stable revenues backed by long-term customer contracts, predictable cash flows, strong operating margins and growing customer demand," said Frank Kwok, co-head of MIRA Asia Pacific in a statement.