US towerco Crown Castle has agreed to acquire NextG Networks, the provider of outdoor distributed antenna systems (DAS), for approximately US$1bn.
According to a Crown Castle statement, the group of investors selling NextG are led by PE firm Madison…
US towerco Crown Castle has agreed to acquire NextG Networks, the provider of outdoor distributed antenna systems (DAS), for approximately US$1bn.
According to a Crown Castle statement, the group of investors selling NextG are led by PE firm Madison Dearborn. Four private equity/venture capital companies – Accel Partners, Madison Dearborn, Meritech Capital Partners and Redpoint Ventures – acquired NextG in 2009.
The deal is expected to close in Q2 2012. Crown Castle expects to fund the acquisition through debt financing.
NextG’s financial adviser is Deutsche Bank. Its legal advisers are Kirkland & Ellis LLP and Kelley Drye & Warren LLP.
Crown Castle’s legal adviser is Cravath, Swaine & Moore LLP.
In its statement, Crown Castle said that that the acquisition will expand its DAS portfolio, which would lead to additional wireless coverage and capacity solutions for customers in areas outside those areas served by towers.
Crown Castle’s CEO and president, Ben Moreland, said that it saw small-cell architecture like DAS as “an important complement to traditional macro tower installations”.
