US infrastructure company Crown Castle announced an all cash deal to acquire Tower Development Corp (TDC) for $461 million.

TDC, owned by private equity firm Berkshire Partners, owns and operates 336 towers in the US and Puerto Rico, with two tenants per tower on average, and the acquisition by Crown Castle builds on a long-standing partnership between the two companies.

In a statement, Crown Castle said it expects the deal to contribute “approximately $25 million to $27 million to site rental gross margin in the first full of year” of its ownership, and be immediately accretive to adjusted funds from operations per share.

Ben Moreland, Crown Castle’s president and CEO, added: “The TDC acquisition represents an attractive and accretive investment opportunity that further enhances our portfolio of wireless infrastructure.”

Crown Castle owns approximately 40,000 towers and 17,000 small cell nodes, supported by approximately 16,000 miles of fibre.