Crown Castle Announces Contractual Terms Related to AT&T Acquisition of Leap Wireless
Crown Castle International Corp. (NYSE: CCI) today announced certain contractual terms in light of AT&T's (NYSE: T) announcement to acquire Leap Wireless (NASDAQ: LEAP). As of June 30, 2013, AT&T and Leap Wireless represented approximately 19% and 3%, respectively, of Crown Castle's consolidated site rental revenues. Further, there are approximately 1,300 Crown Castle towers on which both carriers currently reside. Crown Castle's revenue from Leap Wireless on these 1,300 towers represents approximately 2% of Crown Castle's consolidated site rental revenues. In addition, there is an average of approximately ten years and four years of current term remaining on all lease agreements with AT&T and Leap Wireless, respectively.