By Lisa Kerner
Charlotte, N.C., Jan. 11 - Crown Castle International Corp. stockholders voted Thursday to approve the $550 million merger of Global Signal Inc. into a subsidiary of Crown Castle. The merger is expected to close on Jan. 12.
Global Signal stockholders also voted to approve the merger at their meeting also held Thursday, according to a company news release.
The deal calls for Global Signal stockholders to receive either 1.61 shares of Crown Castle common stock or $55.95 in cash in exchange for each of share of Global Signal common stock.
Crown Castle announced Oct. 6 it had entered into a definitive agreement to acquire Global Signal. The agreement included a termination fee of $139 million.
The merger will create the largest U.S. wireless tower company, Crown Castle president and chief executive officer John P. Kelly said the release.
Global Signal, based in Sarasota, Fla., manages wireless communication towers.
Houston-based Crown Castle owns and operates wireless infrastructure towers and networks.
| Acquirer: | Crown Castle International Corp.
|
| Target: | Global Signal Inc.
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| Transaction value: | $550 million
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| Payment per share: | $55.95 per share or 1.61 shares of Crown Castle common stock
|
| Termination fee: | $139 million
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| Announcement date: | Oct. 6
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| Expected closing: | Jan. 12
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| Stock price for target: | NYSE: GSL: $53.85 on Jan. 9
|
| Stock price for acquirer: | NYSE: CCI: $33.43 on Jan. 10
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