Tuesday, May 3, 2005

American Tower to acquire SpectraSite for $3.1 Billion

American Tower Corporation agreed to acquire SpectraSite in a stock swap merger that brings together two tower industry leaders with a combined portfolio of over 22,600 communications sites.

American Tower is the leading independent owner, operator and developer of broadcast and wireless communications sites in North America. American Tower operates over 14,800 sites in the United States, Mexico, and Brazil, including approximately 300 broadcast tower sites.

SpectraSite owns or operates approximately 10,000 revenue producing sites, including 7,821 towers and in-building systems primarily in the top 100 markets. SpectraSite's customers are leading wireless communications providers, including Cingular, Nextel, Sprint PCS, T-Mobile and Verizon Wireless.

"This combination is a defining event in the tower industry, creating the clear industry leader," said Jim Taiclet, American Tower's Chairman and Chief Executive Officer. "We believe there is a compelling alignment between the strategies of American Tower and SpectraSite. First, we are both fully focused on the tower leasing business. Second, we are both committed to operational excellence, investing continually in our people, processes and systems. And third, we are both committed to delivering superior returns to shareholders as we generate increasing free cash flow over time. Combining with SpectraSite creates an even stronger company, with expanded revenue, decreased leverage for American Tower, a broader customer base and a more numerous and diverse tower portfolio."http://www.americantower.com

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