BOSTON (AP) — American Tower says it's reached a deal to buy the parent company of Global Tower Partners, which owns about 5,400 cellular towers in the U.S., for about $4.8 billion.
Global Tower, which is majority owned by Macquarie Infrastructure Partners, also owns and operates about 800 properties in the U.S. under third-party communications sites, and has management rights to over 9,000 domestic sites.
It also owns 500 communications sites in Costa Rica.
American Tower Corp., a Boston-based wireless communications infrastructure company, says Global Power's portfolio of tower, rooftop and land assets is highly complementary to its own.
It expects Global Tower's portfolio to generate about $345 million in 2014 revenue and to immediately boost its adjusted funds from operations.
The deal is expected to close in the fourth quarter.