International Spending Spree Pays OffComments Off on International Spending Spree Pays Off
American Tower received a lot of attention after back-to-back announcements of international acquisitions. Last week, AMT followed up its $1.2 billion purchase of 6,480 Brazilian towers from TIM Celular S.A. with a $1.05 billion purchase from Bharti Airtel Limited in Nigeria. These two purchases did wonders for the company’s stock. Market Insider reported that shares of AMT rose by 3.96% during the week November 24 and 5.87% for the past 4 weeks. The stock also reached a new 52-week high of $104.46 on November 26. “The back-to-back acquisitions will also support the company’s plan of owning more than 70,000 towers by the end of 2014, through organic or inorganic growth. Moreover, the company intends to exceed 2,000 domestic leases this year in addition to spending $110 million in land acquisitions. Continue reading here.