Crown Castle to Buy FiberNet for $1.5B Adding 11,500 Miles of Fiber to Portfolio

Crown Castle (NYSE:CCI) announced today that it has entered into a definitive agreement to acquire FPL FiberNet Holdings, LLC and certain other subsidiaries of NextEra Energy, Inc. (NYSE:NEE) (collectively, “FiberNet”) for approximately $1.5 billion in cash (subject to certain limited adjustments). FiberNet is a fiber services provider that owns or has rights to approximately 11,500 route miles of fiber installed and under construction in Florida and Texas, inclusive of approximately 6,000 route miles of fiber in top metro markets.  Pro forma for the proposed acquisition, Crown Castle will own or have rights to approximately 28,500 route miles of fiber. Continue Reading