Yesterday,
October 1st and only about a month after the announcement of this
deal, American Tower Corporation announced that they have completed the
acquisition of Global Tower Partners. The majority of GTP was owned by
Macquarie Infrastructure Partners with the minority partners including Dutch
pension fund manager PGGM and management.
American
Tower acquired GTP’s 5,400 domestic towers, 800 domestic property interests,
management rights to over 9,000 domestic sites that are primarily rooftop
assets, as well as their 500 communications sites in Costa Rica. Also with
these assets, American Tower also assumed approximately $1.5 billion of GTP’s
existing debt. American Tower paid approximately $3.3 billion in cash in order
to complete the acquisition. Following the
closing, American Tower had total liquidity of$1.9
billion , which included cash on hand and remaining capacity under
its existing revolving credit facilities.
“With all four major domestic wireless carriers engaged
in aggressive multi-year 4G LTE deployments, we believe our acquisition of GTP
solidifies our path to achieving our strategic goals related to growing our
AFFO over the next five years,” Jim Taiclet, Chairman, President and CEO of
American Tower said in a previous press release.
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