Deal Talk Down UnderComments Off on Deal Talk Down Under
Crown Castle is expecting four bids this week for its Australian tower subsidiary, Crown Castle Australia, and wants a deal signed by the end of next week, the Australian Financial Review reported. The news outlet also reported that UBS has been advising Morrison & Co., a New Zealand infrastructure company, in its offer for the $1.5 billion company. “Morrison is up against fellow infrastructure managers Brookfield and Macquarie Infrastructure and Real Assets. As Street Talk reported a fortnight [two weeks] ago, Brookfield has teamed up with Digital Bridge Holdings, a US-based private equity firm run by Marc Ganzi and former Blackstone telecom chief Ben Jenkins,” the Australian Financial Review explained. Crown Castle Australia is the largest independent communications tower owner in the country with 1,800 sites. Bidders expect Crown Castle to be sold at 19-times earnings or higher, exceeding initial expectations.