The largest operator of cellular towers in the United States, American Tower Corp, had entered into an agreement to purchase the parent firm of its rival Global Tower Partners. The cost of the purchase was USD3.3 billion and this would expand the wireless sites available to American Tower as the next generation of wireless services come to fore.
The purchased firm was MIP Tower Holdings LLC, which is a privately held real estate investment trust firm that owns Global Tower Partners and its related companies. This deal was confirmed in a statement made last September 6 and it would bring an additional 5,400 cell towers as well as management rights to over 9,000 others. There is a debt component to the purchase, which adds another USD1.5 billion totalling USD4.8 billion.
The legal advisor to American Tower was the firm of Clifford Chance US LLP with Sullivan & Worcester LLP while Global Tower Partners was advised by the firm of Simpson Thatcher & Bartlett LP.
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