Earlier this Summer, American Tower announced that it had reached an agreement with NII Holdings, Inc. to acquire up to 2,790 towers in Brazil and 1,666 towers in Mexico in two separate transactions, for approximately $413 million and $398 million, respectively, based on current foreign currency exchange rates. American Tower expects to use cash on hand and borrowings under its existing revolving credit facilities to fund the acquisition.
The majority of the portfolio consists of towers located in and around major population areas and along major highways. On average, the towers have a tenancy ratio of just over one tenant per tower, providing significant opportunities for future site leasing growth.
