American Tower to Raise $700M for Acquisitions

8/12/10Follow @gthuang

Boston-based American Tower, an owner and operator of wireless towers and other communications sites, said today it plans to raise $700 million in a registered public offering of senior unsecured notes due September 2020. The company says the net proceeds of the sale, expected to be about $693.8 million, will be used to finance the recent acquisition of Essar Telecom Infrastructure Private Limited, based in India, as well as “other recent and potential acquisitions.” American Tower (NYSE: AMT) was formed in 1995, and says it currently owns and operates more than 32,000 wireless communications sites in the U.S., Mexico, Brazil, Chile, Peru and India.

Gregory T. Huang is Xconomy's Deputy Editor, National IT Editor, and the Editor of Xconomy Boston. You can e-mail him at gthuang@xconomy.com. Follow @gthuang

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