American Tower announced yesterday that they closed the previously announced acquisition of the exclusive rights to lease, acquire, or otherwise operate and manage 11,448 wireless communication sites from Verizon Communications for about $5.053 billion in cash. American Tower funded the Verizon transaction with proceeds from its concurrent registered public offerings of 25,850,000 shares of its common stock and 13,750,000 depositary shares, each representing a 1/10th interest in its 5.50% Mandatory Convertible Preferred Stock, Series B, borrowings under its revolving credit facilities and cash on hand.
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