Owners
History
2020: American Tower buys InSite Wireless Group for $3.5 billion
At the beginning of November, 2020 it became known that American Tower buys InSite Wireless Group. The transaction is estimated at $3.5 billion with accounting of a debt to the sold company.
American Tower expects income in the amount of $150 million from the real estate and $115 million a gross profit in the first year after the transaction with InSite Wireless Group. It is expected that the transaction will be closed by the end of 2020.
Cleary Gottlieb Steen & Hamilton LLP acts as the legal advisor of American Tower, the interests of target company are represented by Evercore and Lowenstein Sandler LLP.
American Tower is the leading independent owner and the operator of the multitenantny communication real estate. The portfolio of the company includes over 181 thousand communication nodes. Merge to InSite Wireless Group will allow to increase this number to 184 thousand.
Tom Bartlett, the CEO of American Tower, said:
This transaction expands our core business in the United States due to adding of well managed, high-quality, additional portfolio focused on macrotowers and also marks our entry in Canada. |
InSite Wireless Group began the activity in the field of wireless infrastructure of the distributed antenna systems in 2000. In 2006 cofounders of the company created division of InSite Towers which turned the company into one of the largest private tower and wireless infrastructure companies in the USA. The portfolio of the company includes 3 thousand communication websites in the USA and Canada, more than 1400 towers in the USA, 200 towers in Canada and about 70 networks of the distributed antenna systems in the USA. Among the main long-term investors of the American developer: Cox Enterprises, Macquarie Infrastructure Partners and Catalyst Investors.[1]