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NextEra Energy completes sale of FiberNet to Crown Castle for $1.5bn

Staff Writer |
NextEra Energy completed the previously announced sale of FiberNet and its subsidiaries to Crown Castle International Corp. or $1.5 billion in cash.

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“We are pleased to have completed the sale of FiberNet to Crown Castle,” said Jim Robo, chairman and chief executive officer of NextEra Energy.

“As part of our strategy to grow our long-term contracted and rate-regulated asset base, this transaction enables us to recycle capital to focus on our core businesses and support our overall credit position and strong balance sheet.”

A portion of the sale proceeds are expected to be used to retire approximately $375 million principal amount of FiberNet long-term debt, as well as to fund, in part, the potential acquisition of Oncor.

The impact of the gain on the sale at the time of closing will be excluded from adjusted earnings.

The transaction, which was subject to receipt of regulatory approvals and satisfaction of customary closing conditions, is accretive to NextEra Energy earnings immediately upon closing.

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