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Actionable news in CCI: CROWN CASTLE INTL. Corp,

Tower operator Crown Castle to buy Lightower for $7.1 billion

Tower operator Crown Castle International said it would buy privately held Lightower Fiber Networks for about $7.1 billion in cash to expand its fiber footprint in urban areas of the U.S. northeast.

Crown Castle, which has been looking to further diversify from its traditional tower business, said it was buying the company from a group of investors including Berkshire Partners and Pamlico Capital.

The deal doubles Crown Castle's fiber assets to about 60,000 route miles and gives it...