Crown Castle Remains in a State of Flux, but It Is Ultimately a Slow-Growing US Tower Firm

Crown Castle has pursued a different growth strategy than its two largest competitors by focusing solely on the US infrastructure market. This focus led to a decade of building fiber networks and promoting small cells to wireless carriers to differentiate its core tower business. However, with carrier consolidation and major players like AT&T and Verizon developing extensive fiber networks of their own, this strategy hasn't panned out. Crown Castle has, wisely, in our view, decided to sell its fiber business.