Legal DealFolio - Crown Castle Purchase of AT&T Towers

On October 20, 2013, Crown Castle International Corp. and AT&T Inc. announced that they have entered into a definitive agreement pursuant to which Crown Castle will acquire rights to approximately 9,700 AT&T towers for USD4.85 billion in cash at closing, subject to certain limited adjustments. Cravath 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 USD4.2 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 on corporate matters; and partner Andrew W. Needham and associates Christopher K. Fargo and Rachel H. Kiwi on tax matters.

Deal Date:	20-10-2013	Practice Area:	Corporate and M&A
Deal Title:	Crown Castle Purchase of AT&T Towers	Industry:	Mobile Telecommunications
Description:	On October 20, 2013, Crown Castle International Corp. and AT&T Inc. announced that they have entered into a definitive agreement pursuant to which Crown Castle will acquire rights to approximately 9,700 AT&T towers for USD4.85 billion in cash at closing, subject to certain limited adjustments. Cravath 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 USD4.2 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 on corporate matters; and partner Andrew W. Needham and associates Christopher K. Fargo and Rachel H. Kiwi on tax matters.
Financial Center:	New York	Value:	1000.01-5000.00
Advised Party:	Acquiror	Law Firm	Cravath
Target Company Jurisdiction:	United States	Acquiror Jurisdiction:	United States
Classification:	Strategic Buyer Acquisitions Private Company	Lawyer	Stephen L Burns

Practice Areas -

Corporate and M&A Law Firms and Lawyers

Practice Areas - Corporate and M&A Law Firms and Lawyers