Crown Castle Closes Deal with CPS Energy for $41 Million

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Crown Castle International completed a deal last week with CPS Energy to acquire their communication towers for $41 million. CPS Energy plans to use these proceeds to pay off existing debt. “Managing cell tower assets, which includes leasing space to other companies, is not part of our core business, so after analyzing our options, it became clear selling would be the most beneficial for our customers,” said Fred James, senior vice president of energy delivery services. CPS Energy began building towers in the 1990s to fulfill its communications needs, because during that time there weren’t towers available to lease space on. 
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January 20, 2014 |
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