Crown Castle co-founder hopes to fetch $15 billion for company’s fibre assets

Ted Miller, co-founder of Crown Castle, stated on Tuesday that the US telecommunications infrastructure company could potentially fetch up to $15 billion for its fibre assets if he and his partners were allowed to join its board of directors.

In an interview with Reuters, Miller expressed confidence in his team's ability to find buyers for the fibre business and assist Crown Castle in upgrading its tower assets to keep pace with advancements in wireless network technology.

Miller underlined his extensive experience, having built the company from the ground up and taken it public, which he believes provides valuable insights for maximising value in potential asset sales and strategic upgrades.

While Crown Castle has not yet responded to Miller's proposals, he has outlined plans to expedite the sale process and identified potential tax benefits and cost-saving measures to streamline the transaction.

The proceeds from the sale could be used to reduce debt and initiate a stock buyback program, according to Miller, who has requested executive chairman appointments for himself and three of his partners to the board of directors.

Miller's challenge against Crown Castle's board, reported earlier this month by The Wall Street Journal, highlights his determination to enact significant changes within the company. He aims to address issues such as operational inefficiencies, technological underutilisation, and organisational culture.

Despite Crown Castle's recent leadership transition and agreements with hedge fund Elliott Investment Management, Miller believes that additional reforms are necessary to enhance shareholder value and restore relationships with major carriers.

Elliott Investment Management, which previously held a significant stake in Crown Castle, has since reduced its investment substantially, signalling potential shifts in the company's ownership landscape.

At 72 years old, Miller brings decades of industry expertise to the table, with a track record of founding and serving on the boards of various successful companies.

Crown Castle, with a market value of $47 billion, faces challenges amid market volatility, but Miller remains optimistic about the company's potential for growth and improvement under his proposed leadership changes.

(With Reuters inputs)