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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "presentationDate": "2020-07-06 00:00:00",
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  "notes": "Includes a quote from Zayo CFO Matt Steinfort criticizing the high multiples paid by Crown Castle.",
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      "text": "Crown Castle has paid among the highest multiples for its fiber acquisitions across the 50+ fiber M&A transactions since 2007",
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      "text": "Fiber Transaction Multiples Since 2007 – EV / EBITDA",
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      "text": "The multiples are interesting. Crown's entry into the fiber space clearly has caused an increase in the multiples. If you look at starting at FPL, and then at Wilcon, and then ultimately with Lightower. It's hard to say they're not right or fair. It's just - it requires a different level of conviction and comfort that those core business are going to continue to grow at the rates they've been growing at the time they were acquired.",
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      "text": "\"The multiples are interesting. Crown's entry into the fiber space clearly has caused an increase in the multiples. If you look at starting at FPL, and then at Wilcon, and then ultimately with Lightower. It's hard to say they're not right or fair. It's just - it requires a different level of conviction and comfort that those core business are going to continue to grow at the rates they've been growing at the time they were acquired.\" — CFO Matt Steinfort, Zayo October 2017",
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      "text": "Crown Castle has Been the Premium Buyer of Fiber Assets",
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