Industry News
American Tower Corporation Announces Acquisition of BR Towers in Brazil
15 June 2014
(Businesswire) American Tower Corporation announced that it has reached an agreement with GP Investments to acquire 100% of the equity interests of BR Towers, a Brazilian telecommunications real estate company.
BR Towers is expected to own approximately 2,530 towers and the exclusive use rights for approximately 2,110 additional towers in Brazil at closing. The purchase price of approximately 2.18 billion Brazilian Reais, (approximately $978 million at current exchange rates) subject to customary adjustments, will be satisfied with a combination of cash and the assumption of certain existing indebtedness.
American Tower anticipates that the towers will generate approximately 292 million Brazilian Reais (approximately $131 million at current exchange rates) in annual run rate revenues and approximately 181 million Brazilian Reais (approximately $81 million at current exchange rates) in annual Gross Margin and anticipates that the acquisition will 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 of 2014.
American Tower was advised by Banco Santander (Brasil) S.A. as financial advisor, Kilpatrick Townsend & Stockton LLP as U.S. legal advisor and Koury Lopes Advogados as Brazilian legal advisor. .
You may be interested in...
-
LAVCA Week Update; SP Ventures exits InCeres; 1200VC commits to Lowercarbon
-
LAVCA Tech Brasil Recap; Linzor Capital Partners Invests in Peru’s Win
-
Proparco Invests in Linzor Fund IV
Proparco announced a USD15m commitment to Linzor Capital Partners’ fourth Private...
-
Credicorp Capital Invests in Colombia’s ExcelCredit
Credicorp Capital invested in ExcelCredit, a Colombia-based consumer lender....