American Tower Corp said it would purchase the parent of telecom tower operator Global Tower Partners for $3.3 billion as it seeks a bigger share of the billions of dollars that U.S. telecom carriers are spending to upgrade their networks.American Tower shares rose about 4.5 percent in late morning trade on the New York Stock Exchange as investors cheered the acquisition, the latest in a string of deals in the sector.The company will also assume $1.5 billion in debt as part of the deal, which will increase its tower count by a quarter and cement its position as the largest U.S. operator.The company is scouting for more deals, Chief Executive Jim Taiclet said on a conference call, adding that the Global Tower purchase was not the "end of the road."
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 4.6% or $3.16/share to $71.91. In the past year, the shares have traded as low as $67.89 and as high as $85.26. On average, 4192280 shares of AMT exchange hands on a given day and today's volume is recorded at 6812340.
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