Summary
American Tower Corporation (AMT) filed an 8-K on November 5, 2010, reporting on two key developments. First, the company announced its third-quarter 2010 financial results, providing investors with an update on its operational and financial performance. While the 8-K itself does not detail these results, it states that a press release (Exhibit 99.1) was issued for this purpose. Second, and significantly, AMT announced its strategic expansion into South Africa. This expansion includes the launch of operations and a definitive agreement to acquire a substantial tower portfolio from Cell C (Pty) Limited. The deal involves the purchase of approximately 1,400 existing towers and up to 1,800 additional towers under construction or to be built over the next two to three years, for a total consideration of up to $430 million. The acquisition of existing towers is expected to close by early 2011.
Key Highlights
- 1Announcement of Q3 2010 financial results via press release (Exhibit 99.1).
- 2Launch of operations in South Africa.
- 3Definitive agreement to acquire up to approximately 1,400 existing towers in South Africa from Cell C (Pty) Limited.
- 4Agreement to acquire up to 1,800 additional towers under construction or to be built in South Africa over the next 2-3 years.
- 5Aggregate purchase price for the South African tower portfolio is up to approximately $430 million.
- 6Expected closing of the existing tower acquisition by early 2011, subject to customary conditions.