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Monday, November 24, 2014

American Tower to purchase over 4,800 Bharti Airtel phone masts in Nigeria, (NYSE: AMT)

American Tower Corp has agreed to purchase more than 4,800 communications towers in Nigeria from Bharti Airtel Ltd, the companies said on Monday, without disclosing the deal value. Bharti Airtel, India's top telecommunications company that also operates in Africa, will be the anchor tenant on the towers initially for 10 years, the companies said in a joint statement.The companies expect to close the deal during the first half of 2015. Nigeria is Bharti Airtel's biggest market in Africa.Bharti previously agreed to sell towers in several African countries to cut costs.

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 1.38% or $1.39/share to $102.10. In the past year, the shares have traded as low as $75.65 and as high as $102.12. On average, 2024980 shares of AMT exchange hands on a given day and today's volume is recorded at 3030197.