Wireless tower operator SBA Communications Corp on Friday said it will buy AAT Communications Corp for $1 billion in cash and stock to expand its tower portfolio by more than half.
SBA said it will pay $634 million in cash and issue 17.06 million shares of its common stock for AAT. Based on the Thursday's closing price per SBA share of $21.57, the aggregate acquisition will be $1 billion. The deal is expected to close in the second quarter. The acquisition of AAT, the fifth largest independent tower owner in the US, will expand SBA's existing base of wireless tower assets by 55 percent.
When the acquisition is completed it will bring the total number of SBA towers to over 5,300 across contiguous United States, Puerto Rico and the US Virgin Islands.
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