Summary
This 8-K filing from American Tower Corporation (AMT) addresses inaccuracies reported by an unnamed source regarding a 2011 acquisition of Brazilian communications sites. The company clarifies that it purchased 666 sites for approximately BRL 974 million (or $585 million). This acquisition was funded through a combination of intercompany loans, equity contributions from its parent company (registered with the Central Bank of Brazil), and cash from operations. The filing emphasizes that these transactions were properly documented and funded, and the company engaged an internationally-recognized accounting firm for purchase price allocation. Furthermore, Deloitte & Touche LLP, a reputable accounting firm, has audited AMT's financial statements for the past three fiscal years. This disclosure aims to reassure investors by providing factual details and affirming the integrity of the company's financial reporting and acquisition processes.
Key Highlights
- 1AMT is responding to inaccurate statements in a recent report concerning its 2011 acquisition of Brazilian tower assets.
- 2The company acquired 666 communications sites in Brazil in 2011 for approximately BRL 974 million ($585 million).
- 3The acquisition was financed using a mix of intercompany loans (BRL 554 million / $335 million), equity contributions (BRL 303 million / $184 million), and operational cash flow.
- 4Both intercompany loans and equity contributions were registered with the Central Bank of Brazil.
- 5An independent, internationally-recognized accounting firm assisted with purchase price allocation for the acquisition.
- 6Deloitte & Touche LLP has audited AMT's financial statements for the last three fiscal years, underscoring financial reporting diligence.
- 7The company confirms full payment to the seller was received, with supporting documentation.