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Friday, November 21, 2014

Telecom Italia close to $1 billion masts deal as juggles Brazil options - sources, (NYSE: AMT)

Telecom Italia is set to sell mobile phone masts owned by its Brazilian unit for almost 900 million euros ($1.1 billion), sources said on Friday, as it considers possible acquisitions in the Latin American country.Brazil's telecom market is in the process of consolidating as growth in mobile telephony slows and operators bulk up to fund hefty investment in broadband networks.Telecom Italia, which owns 66.5 percent of TIM Participacoes , is holding a board meeting on Friday to review its options in Brazil, which could include acquisitions and network investments.Two sources familiar with the matter said Telecom Italia was likely to sell its Brazilian mobile phone masts, also known as towers, to wireless infrastructure firm American Tower Corp for almost the full targeted amount of 900 million euros.

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 0.16% or $0.16/share to $100.81. In the past year, the shares have traded as low as $75.65 and as high as $101.46. On average, 2028470 shares of AMT exchange hands on a given day and today's volume is recorded at 1401021.