Crown Castle’s $7.1 Billion Acquisition of Lightower

On July 18, 2017, Crown Castle International Corp. (“Crown Castle”) announced that it has entered into a definitive agreement to acquire LTS Group Holdings LLC (“Lightower”) from Berkshire Partners, Pamlico Capital and other investors for approximately $7.1 billion in cash, subject to certain limited adjustments. Lightower owns or has rights to approximately 32,000 route miles of fiber located primarily in top metro markets in the Northeast, including Boston, New York and Philadelphia. Following completion of the transaction, Crown Castle will own or have rights to approximately 60,000 route miles of fiber. Cravath is representing Crown Castle in connection with the transaction.

The Cravath team is led by partners Stephen L. Burns and Erik R. Tavzel and includes associates Michael E. Mariani, Andrew M. Wark, Sarah R. Jacobson and Austin L. Lee and summer associate Leticia M. Quezada on corporate and M&A matters; partners Andrew W. Needham and Christopher K. Fargo and associates Ashley N. Elnicki and Joyce Y. Kim on tax matters; partner Eric W. Hilfers and associates Matthew J. Bobby and Brian B. Kennedy on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; and partner Julie A. North, senior attorney Lillian S. Grossbard, associate Molly M. Jamison and summer associate Colleen M. Schmalberger on antitrust matters.