American Tower Corporation (AMT) said it will buy Brazilian
telecommunications real-estate company BR Towers S.A. for about
2.18 billion Brazilian reais ($978 million).
The purchase will be funded through a combination of cash and
debt, American Tower said in a statement.
The North American owner and operator of wireless and broadcast
communications sites will buy the Brazilian assets from GPCP V, a
private equity fund managed by GP Investments Ltd. (GPIV33.BR), FIP
Multisetorial Plus, a private-equity fund managed by Bradesco BBI,
and other shareholders.
American Tower expects the acquisition to be immediately
accretive to its adjusted funds from operations upon closing.
BR Towers is expected to own 2,530 towers and have the
exclusive-use rights for about 2,110 additional towers in Brazil at
the deal's closing, likely in the fourth quarter, American Tower
said.
The deal is subject to regulatory approvals and other customary
closing conditions.
American Tower was advised by Banco Santander (Brasil) S.A.
Write to realtimedesksingapore@dowjones.com
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