American Tower shells USD4.8 billion for MIP Tower acquisition, to own Global Tower
American Tower Corp would be acquiring MIP Tower Holdings LLC for USD4.8 billion. Global Tower Partners is a subsidiary of MIP Tower. The acquisition was said to capitalize on the 4G wireless networks rollout. The publicly-held corporation, would be paying USD3.3 billion cash. The wireless and broadcast communications operator would also be assuming MIP Tower's debt amounting to USD1.5 billion.
American Tower was established in 1995 as an American Radio Systems unit, and later was spin off upon merging with CBS Corporation. Headquartered in Boston, Masachussetts, its merger helped promoted American Tower as one of the largest tower operators in North America.
MIP Tower's Global Tower Partners is a US-based independent tower operator based in Boca Raton, Florida. Global Tower has over 16,000 in wireless that master leases, owns and manages. Global also has more than 40,000 miles of railroad rights of way across the United States. Its clients included Verizon Wireless, Sprint, AT&T Wireless, US Cellular, Leap Wireless, T-Mobile and Metro PCS.
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