Summary
American Tower Corporation (AMT) announced on September 3, 2011, its agreement to acquire a portfolio of approximately 1,800 communications site property interests from Unison Holdings, LLC and Unison Site Management II, L.L.C. This strategic acquisition, valued at approximately $500 million, is designed to expand the company's existing land purchase program and secure property interests under both its own and third-party sites, enhancing leasing opportunities and recurring cash flow. The transaction is anticipated to close in the fourth quarter of 2011, contingent upon standard closing conditions. The consideration will be financed through a combination of cash ($304 million) and the assumption of existing indebtedness ($196 million). This move is expected to bolster AMT's infrastructure footprint and revenue streams.
Key Highlights
- 1Acquisition of approximately 1,800 communications site property interests from Unison Holdings, LLC and Unison Site Management II, L.L.C.
- 2Total expected consideration for the acquisition is approximately $500 million.
- 3The acquisition includes property interests under existing AMT sites and third-party sites, supporting recurring cash flow.
- 4Transaction aims to expand AMT's current land purchase program.
- 5Expected closing during the fourth quarter of 2011, subject to customary conditions.
- 6Financing mix: approximately $304 million in cash and assumption of $196 million in existing indebtedness.