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Friday, November 21, 2014

Telecom Italia likely to sell Brazil towers to American Tower, (NYSE: AMT)

Telecom Italia will likely sell the mobile phone towers of its Brazilian unit to American Tower Corp for almost the full targeted amount of 900 million euros ($1.1 billion), two sources familiar with the situation told Reuters.According to one of the sources, a deal had already been worked out and could be announced at a Telecom Italia board meeting on Friday.Telecom Italia declined to comment. American Tower did not respond to an emailed request for comment.Any agreement would have to be approved by the local competition watchdog which could take several months.

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.