American Tower Corporation Announces Acquisition of Tower Sites From NII Holdings in Mexico and Brazil

BOSTON--(BUSINESS WIRE)--American Tower Corporation (NYSE: AMT) today announced that it has reached an agreement with NII Holdings, Inc. (NASDAQ: NIHD) to acquire up to 2,790 towers in Brazil and 1,666 towers in Mexico in two separate transactions, for approximately $413 million and $398 million, respectively, based on current foreign currency exchange rates. The transaction agreements provide that all payments, including the tower rent, will be made in local currency. American Tower expects to use cash on hand and borrowings under its existing revolving credit facilities to fund the acquisition.