Crown Castle Is Nearing the End of Its Transformation Into a Stable US Wireless 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 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, a transaction it expects to close by the end of June 2026.