Investing.com– Personal fairness agency TPG Inc. is in superior talks to purchase tower operator Crown Citadel Worldwide’s (NYSE:) fiber enterprise for about $8 billion, Bloomberg reported on Thursday.
Crown’s shares rose as a lot as 2% in aftermarket commerce, earlier than curbing some positive factors.
A deal for the fiber unit may very well be introduced inside weeks, Bloomberg reported, though no closing resolution had been made, and one other purchaser may nonetheless emerge.
The report comes after Crown Citadel launched a assessment of the fiber enterprise in 2023, as a part of an settlement with activist investor Elliott Funding Administration to spice up shareholder returns.
A sale may also permit Crown Citadel to focus extra on its core towers enterprise, which covers about 40,000 towers by way of the U.S.
TPG has additionally persistently invested in media and telecom shares, having purchased AT&T Inc’s (NYSE:) remaining 70% stake in DirecTV in September for almost $8 billion.
