TPG in Advanced Talks to Acquire Crown Castle's Fiber Unit

By Milana Vinn and Rishi Kant

(Reuters) – Buyout firm TPG is in advanced talks to buy the fiber unit of tower operator Crown Castle (NYSE:CCI) for about $8 billion, according to a person familiar with the matter.

Shares of the Houston, Texas-based Crown Castle were up 2.1% in trading after the bell.

A deal for the fiber and wireless units could be announced within weeks, the source said. However, the source added that while no final decision has been made, the discussions could fall through or another buyer could emerge.

This development was first reported by Bloomberg News.

TPG, along with fiber network owner Zayo Group, was vying for Crown Castle's fiber and wireless assets, as reported by Reuters in October, citing people familiar with the matter.

If the talks are successful, this deal would come at a time when mergers are heating up in the fiber industry. The rapid growth of fiber broadband has boosted business for infrastructure providers like Crown Castle, making them attractive acquisition targets.

Spokespersons for TPG and Crown Castle declined to comment.

This development also comes as Crown Castle has been exploring options for its fiber assets after reaching a deal with activist investor Elliott Investment Management regarding changes to its board.

Crown Castle co-founder Ted Miller indicated to Reuters in February that the company could fetch as much as $15 billion by selling its fiber assets if he and his partners joined its board of directors.