US towerco SBA Communications has completed its US$1.45bn acquisition of smaller rival TowerCo.
The target owns 3,256 towers across the US and Puerto Rico.
SBA paid $1.2bn in cash and issued 4.6 million shares of its Class A common stock.
The cash…
US towerco SBA Communications has completed its US$1.45bn acquisition of smaller rival TowerCo.
The target owns 3,256 towers across the US and Puerto Rico.
SBA paid $1.2bn in cash and issued 4.6 million shares of its Class A common stock.
The cash consideration is made up of cash on hand, existing credit facilities and up to US$900m in financing commitments from JP Morgan. This US$900m financing will be a two-year bridge facility at a rate of Libor plus 3.5%, the company said in a call with analysts in June.
On its website SBA says it owns over 13,000 tower sites across North and Central America.