American Tower has entered into an agreement to acquire InSite Wireless Group (InSite), which owns, operates and manages approximately 3,000 communications sites, primarily in the U.S. and Canada, for approximately $3.5 billion.
The portfolio includes more than 1,400 owned towers in the U.S., over 200 owned towers in Canada and approximately 70 distributed antenna system (DAS) networks in the U.S. In addition, InSite controls more than 600 land parcels under communications sites as well as approximately 400 rooftop sites.
American Tower expects the assets to generate approximately $150 million in property revenue and approximately $115 million in gross margin in their first full year in its portfolio. The transaction is anticipated to be immediately accretive to American Tower’s Consolidated AFFO per Share and is expected to close by the end of 2020, subject to customary closing conditions. American Tower anticipates financing the transaction in a manner consistent with its investment grade credit ratings.
Tom Bartlett, American Tower’s CEO
This transaction augments our foundational U.S. business through the addition of a well-run, high-quality, complementary, macro-tower focused portfolio, while also marking our entry into Canada.
David E. Weisman, Co-founder and CEO of InSite
On behalf of InSite, I want to thank our customers, employees, and investors for their support and partnership over the years in building InSite into where it is today. We believe the acquisition of InSite by American Tower will result in even greater benefits for our customers in the future.
