American Tower Completes Acquisition of Global Tower PartnersComments Off on American Tower Completes Acquisition of Global Tower Partners
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.