American Tower has agreed to acquire Global Tower Partners for USD 4.8 billion. GTP is majority owned by Macquarie Infrastructure Partners, together with minority partners including Dutch pension fund manager PGGM and management. GTP owns and operates approximately 4,500 towers and 800 property interests in the US and has management rights to more than 9,000 sites for mobile antennas, made up primarily of rooftop assets. In addition, GTP owns 500 communications sties in Costa Rica.
The purchase price includes USD 3.3 billion in cash and the assumption of USD 1.5 billion in debt. American Tower expects to use cash on hand and its existing revolving credit facilities, supplemented by additional debt financing, to pay for the deal. The acquisition is expected to add USD 345 million in revenues and USD 270 million of gross profit in 2014 and add immediately to adjusted funds from operations (AFFO) upon closing. The transaction is is expected to close in the fourth quarter.
