Crown Castle To Buy FPL FiberNet As Part Of $1.5 Billion Deal

By Markets MarketWatch Pulse

Crown Castle International Corp. announced Tuesday a deal to buy fiber services provider FPL FiberNet Holdings LLC, and certain other NextEra Energy Inc. , for $1.5 billion in cash. Crown Castle said the deal should add to earnings immediately after closing, which is expected in the first half of 2017. The deal is expected to contribute $105 million to $110 million to gross margin and $15 million to $20 million to general expenses. Crown Castle's stock, which is still inactive in premarket trade, has climbed 5.3% year to date while the S&P 500 has gained 4%. NextEra's stock has run up 23% so far this year.

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