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Print Edition StoriesWednesday, November 18, 2009
American Tower puts up $100M for 196 Cincinnati Bell towers
By Rodney H. Brown
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American Tower Corp. plans to buy 196 wireless communications towers covering areas of Ohio and Kentucky from Cincinnati Bell for $100 million. After the sale, Cincinnati Bell will remain a tenant on all 196 towers, under a lease agreement.
The towers currently average 2.1 tenants per tower, according to officials at American Tower (NYSE: AMT). The sale is expected to close by the end of the year, subject to certain closing adjustments. American Tower officials say the company will use cash and cash equivalents for the purchase.
In March, Boston-based American Tower acquired India-based tower developer Xcel Telecom Pvt. Ltd. through its subsidiary American Tower Mauritius, which was valued by reports at the time at $136 million. Xcel owns and operates approximately 1,700 wireless communications tower sites, including a number of towers that are currently under construction.
That same month, American Tower named Thomas Bartlett as the company’s new chief financial officer. Bartlett came from Verizon Communications Inc., where he has been senior vice president and controller since November 2005. Bartlett was the president and CEO of Bell Atlantic International Wireless from 1995 to 2000.
Founded in 1995, American Tower is one of the largest owners of broadcast and wireless communications towers in the country, with more than 22,800 sites in the United States, Mexico and Brazil. For fiscal 2008, the company reported a profit of $347.25 million on revenue of $1.59 billion.
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