Crown Castle’s US$1.6 Billion Sale of Australian Subsidiary

On May 14, 2015, Crown Castle International Corp. announced that it has signed a definitive agreement to sell its Australian subsidiary (“CCAL”) to a consortium of investors led by Macquarie Infrastructure and Real Assets for an aggregate purchase price of approximately US$1.6 billion in cash. Cravath represented Crown Castle in connection with this transaction, which is expected to close during the second quarter of 2015. Proceeds to Crown Castle from the transaction are expected to be used to finance its recently announced acquisition of Sunesys and for general corporate purposes.

The Cravath team was led by partners Erik R. Tavzel and Stephen L. Burns and included associate Michael E. Mariani on corporate matters; senior attorney Christopher J. Kelly on banking matters; and partners Andrew W. Needham and Christopher K. Fargo on tax matters. Andrew T. Davis also worked on tax matters.