US-based American Tower has closed the previously-announced acquisition of Brazilian BR Towers from PE firm GP Investments and other shareholders.
The towerco paid R$2.255bn (US$880m) for BR, which operates more than 4,600 sites across Brazil, in a bid…
US-based American Tower has closed the previously-announced acquisition of Brazilian BR Towers from PE firm GP Investments and other shareholders.
The towerco paid R$2.255bn (US$880m) for BR, which operates more than 4,600 sites across Brazil, in a bid to expand its footprint across Latin America.
American Towers, which first announced the deal in June, was advised by Banco Santander, while Kilpatrick Townsend & Stockton served as US legal adviser and Koury Lopes Advogados as Brazilian legal adviser.
Founded by GP Investments in September 2012, BR Towers has rapidly expanded by acquiring tower portfolios from Telefonica’s Vivo and Oi, the country’s largest and fourth-largest mobile operators, respectively.
Earlier this month, American Tower was tipped as the preferred candidate for TIM Brasil’s tower portfolio, for which it reportedly offered €900m, outbidding Goldman Sachs-backed Cell Site Solutions.
The Telecom Italia-controlled Brazilian operator has a portfolio of roughly 7,000 sites, although it is not clear whether all of these will be sold.
American Tower is also reportedly among the bidders for Italy-based Wind Telecomunicazioni’s towers.
VimpelCom-owned Wind is looking to sell around 6,000 sites, which could be valued between €700m and €1bn, according to multiple reports.
