Summary
American Tower Corporation (AMT) announced on August 9, 2013, that it has entered into agreements to acquire a significant portfolio of towers from NII Holdings, Inc. The transactions involve two separate deals for towers located in Brazil and Mexico. In Brazil, AMT will acquire up to 2,790 towers for approximately $413 million, while in Mexico, it will acquire 1,666 towers for approximately $398 million, with these figures based on current foreign currency exchange rates. The company anticipates closing the first phase of these acquisitions in the fourth quarter of 2013, contingent upon standard closing conditions. This strategic expansion in key Latin American markets is expected to enhance AMT's global tower footprint.
Key Highlights
- 1Agreement to acquire up to 2,790 towers in Brazil for approximately $413 million.
- 2Agreement to acquire 1,666 towers in Mexico for approximately $398 million.
- 3Acquisition value based on current foreign currency exchange rates.
- 4Expected closing of the first tranche of towers in Q4 2013.
- 5Transactions are subject to customary closing conditions.
- 6Expansion into key Latin American markets (Brazil and Mexico).