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Thursday, October 23, 2014

Telecom Italia closer to Brazil mobile tower sale - sources, (NYSE: AMT)

Telecom Italia is in advanced talks to sell the mobile phone towers of its Brazilian unit TIM Participacoes and could ink a deal in weeks, three people with direct knowledge of the situation told Reuters. Telecom Italia is aiming to raise 900 million euros ($1.1 billion) from the sale but the offers have come in at 500-600 million euros, the sources said.Telecom Italia's chief executive, Marco Patuano, put the Brazilian towers up for sale in November when he unveiled a 4-billion-euro plan to cut debt and help fund much-needed investments.One of the sources said American Tower Corp and Cell Site Solutions (CSS), a company backed by Goldman Sachs, were left in the race, adding a deal could see the asset being split between them.Telecom Italia, American Tower and CSS declined to comment.

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 1.29% or $1.22/share to $96.16. In the past year, the shares have traded as low as $75.65 and as high as $99.90. On average, 1949580 shares of AMT exchange hands on a given day and today's volume is recorded at 858601.