American Tower Corp, under attack from short-seller Muddy Waters over earlier acquisitions in Brazil, said it will acquire about 4,500 telecom towers in Brazil and Mexico from Latin American telecom service provider NII Holdings Inc for $811 million.American Tower said it expects the towers to collectively generate about $149 million in annual revenue and add to its adjusted funds from operations upon closing.A majority of the 2,790 towers in Brazil and 1,666 towers in Mexico are located in and around major population areas and along major highways.The towers have a tenancy ratio -- the fraction of total number of operators sharing the towers -- of just over one tenant per tower, with Nextel Brazil or Nextel Mexico as the primary tenant.
American Tower Corporation is a holding company. The Company conducts its operations through its directly and indirectly owned subsidiaries and joint ventures. Shares of AMT traded higher by 1.03% or $0.71/share to $69.70. In the past year, the shares have traded as low as $68.03 and as high as $85.26. On average, 3959880 shares of AMT exchange hands on a given day and today's volume is recorded at 1914157.
NII Holdings, Inc. (NII Holdings) is a holding company for the operations of Nextel Communications, Inc. Shares of NIHD fell by 0.3% or $-0.02/share to $6.65. In the past year, the shares have traded as low as $4.11 and as high as $9.82. On average, 3594570 shares of NIHD exchange hands on a given day and today's volume is recorded at 4890572.
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