By Dave Sebastian
American Tower Corp. said it has agreed to buy Insite Wireless Group LLC for about $3.5 billion, marking American Tower's entry into Canada.
InSite Wireless operates about 3,000 communications sites, primarily in the U.S. and Canada, with more than 1,400 owned towers in the U.S. and 200 in Canada. It controls more than 600 land parcels under communications sites and about 400 rooftop sites.
American Tower on Thursday said it expects InSite Wireless's assets to generate about $150 million in property revenue and about $115 million in gross margin in their first full year in its portfolio. The acquisition would add to American Tower's adjusted funds from operations at the end of the year, it said.
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(END) Dow Jones Newswires