October 20, 2013 - Crown Castle International Corp. and AT&T Inc. announced today that they have entered into a definitive agreement pursuant to which Crown Castle will acquire rights to approximately 9,700 AT&T towers for $4.85 billion in cash at closing, subject to certain limited adjustments. Cravath, Swaine & Moore LLP represented Crown Castle in connection with this transaction.
Under the definitive agreement, Crown Castle will have the exclusive right to lease and operate the AT&T towers for a weighted average term of approximately 28 years. In addition, Crown Castle will have the option to purchase the towers at the end of the respective lease terms for aggregate option payments of approximately $4.2 billion, which payments, if exercised, would be made primarily between 2032 and 2048. The transaction is expected to close in the fourth quarter of 2013, subject to customary closing conditions.
The Cravath team included partners Stephen L. Burns, Erik R. Tavzel and Johnny G. Skumpija and associates Benjamin C. Hewitt, Curtis R. Weber and Jared B. Taylor (corporate); and partner Andrew W. Needham and associates Christopher K. Fargo and Rachel H. Kiwi (tax).
Cravath also represented Crown Castle in obtaining $3.4 billion of committed financing in connection with this transaction. The Cravath team included partners Stephen L. Burns, George E. Zobitz and Johnny G. Skumpija, senior attorney Christopher J. Kelly and associate John C. Duffy.
Read the company's release here: https://globenewswire.com/news-release/2013/10/20/581660/10053335/en/Crown-Castle-Announces-4-85-Billion-AT-T-Tower-Transaction.html