US towerco Crown Castle is exploring a potential sale of its Australian subsidiary CCAL. “In light of recent unsolicited offers we have received for our interest in CCAL, we have determined that fully exploring the options available to us will ensure…
US towerco Crown Castle is exploring a potential sale of its Australian subsidiary CCAL.
“In light of recent unsolicited offers we have received for our interest in CCAL, we have determined that fully exploring the options available to us will ensure the best long-term results for our shareholders,” Crown Castle president and CEO Ben Moreland said in a company statement.
Crown Castle stressed that it is not certain a deal will go ahead, adding that it will not further comment on the issue unless it does.
The company, which holds a 77.6% stake in CCAL and has an A$306m(US$237m) intercompany loan due from the unit, describes it as Australia’s largest independent tower operator.
“Similar to our US business, CCAL has developed into a leading wireless infrastructure provider in the attractive Australian market with a unique portfolio of assets and platform for future growth and expansion,” Moreland said.
CCAL operates 1,800 sites across Australia. Its customers include telcos Optus, Telstra and Vodafone Hutchison Australia.
Houston-based Crown Castle posted US$3.7bn in 2014, up 22% from US$3.02bn in the previous year.
