Crown Castle International Corp. last week confirmed it is selling its U.K. business, including 3,600 tower sites, to British utility company National Grid Transco plc for $2.035 billion cash. "The price fully values the U.K. business plan," said Ben Moreland, Crown's chief financial officer. "We are now going to be at our targeted capital structure," an impressive stance for a company in the traditionally highly leveraged wireless tower industry. Indeed, the transaction makes Crown a "substantially different company from a risk profile perspective," added Kelly, saying that Crown will use $1.3 billion of the proceeds to fulfill its operating company's credit facility. Bond indentures require Crown to move the remaining $740 million in proceeds within 12 months.