American Tower Corporation has closed its acquisition of InSite Wireless Group.
The total consideration for the transaction, subject to certain post-closing adjustments, was approximately $3.5 billion, including the assumption or repayment of existing InSite debt, and was funded by a combination of cash on hand and revolver borrowings.
American Tower Chief Executive Officer Tom Bartlett said, “We are pleased to close this immediately accretive transaction and expect to quickly begin driving new leasing activity on these high-quality, well-located assets. As 5G densification initiatives in the U.S. accelerate and network deployments in international markets continue, we believe we are well positioned to generate attractive, sustainable long-term growth, including on these new sites, while playing a key role in enhancing mobile broadband connectivity.”
American Tower expects the assets acquired from InSite to generate approximately $150 million in property revenue and approximately $115 million in gross margin in 2021.