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ATC acquires BR Towers for BRL 2.18 bln
2014-06-16 09:12:00| Telecompaper Headlines
(Telecompaper) American Tower Corporation (ATC) said it has agreed to fully acquire Brazil's BR Towers for BRL 2.18 billion from private equity investors GP Investments, Bradesco BBI, and other shareholders. BR Towers is expected to own around 2,530 towers and the exclusive use rights for about 2,110 more in Brazil at closing. The purchase price is subject to customary adjustments, and will be given in a combination of cash and the assumption of certain existing debt. ATC expects the towers to generate BRL 292 million in annual run rate revenues and BRL 181 million in annual gross margin. The deal is believed to be immediately accretive to adjusted funds from operations upon closing. The transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close in the fourth quarter.
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Category:Telecommunications