Yesterday evening after market close, American Tower announced that they had entered into a definitive agreement with Verizon Communications to acquire rights to approximately 11,324 communications towers, and purchase 165 additional towers for $5.056 billion in cash at closing. American Tower will have the exclusive right to lease and operate the towers for approximately 28 years. After the term of the lease, American Tower will have the option to acquire the towers based on their anticipated fair market values.
Before the announcement, American Tower had approximately 28,000 towers. This acquisition will bring their total number of towers in the United States to a little over 40,000. According to the company, “Verizon’s tower portfolio, in combination with American Tower’s legacy footprint, will establish the largest wireless communications real estate portfolio in the United States with over 40,000 tower sites. This transaction expands and strengthens American Tower’s relationships with major U.S. wireless operators, and 85% of pro forma domestic rental and management revenue will be generated by the Big Four U.S. carriers.” Continue reading here.
Before the announcement, American Tower had approximately 28,000 towers. This acquisition will bring their total number of towers in the United States to a little over 40,000. According to the company, “Verizon’s tower portfolio, in combination with American Tower’s legacy footprint, will establish the largest wireless communications real estate portfolio in the United States with over 40,000 tower sites. This transaction expands and strengthens American Tower’s relationships with major U.S. wireless operators, and 85% of pro forma domestic rental and management revenue will be generated by the Big Four U.S. carriers.” Continue reading here.
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