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Crown Castle Stock Gains Premarket After $8.5B Deal To Sell Small Cells And Fiber Solutions: Retail's Divided


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Published in Business and Finance on by Stocktwits   Print publication without navigation

Crown Castle (CCI) stock rose 3% in pre-market trade on Friday after the cell tower operator said it would sell its small cells and fiber solutions businesses for a total of $8.5 billion. The communications-focused real estate investment trust (REIT) said it would sell its small cells business to private equity firm EQT AB and its fiber solutions

Crown Castle Inc. experienced a premarket stock surge following the announcement of an $8.5 billion deal to sell its fiber optic cable operations to Archtop Fiber. This transaction includes Crown Castle's small cell and fiber solutions retail divisions, aimed at reducing the company's debt and enhancing its focus on its core tower business. The deal, which is expected to close in mid-2024, will see Crown Castle receive $4.4 billion in cash and a 30% equity interest in Archtop Fiber. This strategic move is part of Crown Castle's broader plan to streamline operations and improve financial flexibility, as highlighted by CEO Jay Brown, who emphasized the company's commitment to its tower business and shareholder value. The sale also comes at a time when Crown Castle has faced pressure from activist investors to improve its financial performance and strategic direction.

Read the Full Stocktwits Article at:
[ https://www.msn.com/en-us/money/economy/crown-castle-stock-gains-premarket-after-8-5b-deal-to-sell-small-cells-and-fiber-solutions-retail-s-divided/ar-AA1AV46j ]

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