American Tower to acquire InSite Wireless for USD3.5bn

6 Nov 2020

American Tower Corporation – which currently boasts a portfolio comprising 181,000 communications sites – has entered into a definitive agreement to acquire fellow tower firm InSite Wireless Group, in a deal worth approximately USD3.5 billion. InSite owns, operates and manages approximately 3,000 communications sites, primarily in the US and Canada. The portfolio includes more than 1,400 owned towers in the US, over 200 owned towers in Canada and approximately 70 distributed antenna system (DAS) networks in the US. In addition, InSite controls more than 600 land parcels under communications sites as well as approximately 400 rooftop sites.

Tom Bartlett, CEO of American Tower, commented: ‘This transaction augments our foundational US business through the addition of a well-run, high-quality, complementary, macro-tower focused portfolio, while also marking our entry into Canada. We believe that these assets are positioned to enhance our organic growth and cash flow trajectory in the future as 5G deployments accelerate and densification initiatives progress.’

InSite’s long-term principal equity investors include Cox Enterprises, Macquarie Infrastructure Partners and Catalyst Investors. The transaction is expected to close by the end of 2020, subject to customary closing conditions.

Canada, United States, American Tower Corporation, InSite Wireless