U.S. tower company American Tower Corp said it will acquire up to 2,500 telecommunication towers from Spain-based Telefónica's Mexican unit for roughly $500 million."This acquisition nearly doubles our portfolio in Mexico and provides us with a highly desirable network of sites in this key market," American Tower Chief Excecutive James Taiclet said in a statement.The company said it is expecting strong growth from these towers as its customers in Mexico deploy new spectrum and next generation wireless technologies.American Tower expects to purchase a substantial majority of the towers from Pegaso PCS during the fourth quarter of 2011.
American Tower Corporation is a holding company. It is a wireless and broadcast communications infrastructure company that owns, operates and develops communications sites. Shares of AMT fell by 0.51% or $-0.3/share to $58.29. In the past year, the shares have traded as low as $45.85 and as high as $59.68. On average, 3206400 shares of AMT exchange hands on a given day and today's volume is recorded at 29312.
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