American Tower Buys in Brazil
American Tower, who already owns over 6,900 towers in Brazil, is the buyer of Telecom Italia’s Brazilian unit as of Friday. This transaction is worth R$3 billion ($1.2 billion), according to Seeking Alpha. The deal, where AMT would be acquiring the 6,480 towers, was announced during Telecom Italia’s board meeting. According to Eric Johnsa at Seeking Alpha, the towers are expected to produce R$435 million/year ($171 million/year) in revenue, and R$191 million/year ($75 million/year) in gross margin. TIM has agreed to 20-year leases for the towers, and will act as their anchor tenant.