SBA Communications Buys 800 Towers in Brazil
Published on: 27th Dec 2012
Note -- this news article is more than a year old.
By: Ian Mansfield
USA based SBA Communications has launched operations in Brazil and on December 20 2012 acquired 800 freestanding wireless towers from an unnamed local wireless network.
The consideration for the acquisition is R$362.8 million payable from cash on hand and borrowings under the Company's Revolving Credit Facility. SBA expects these assets will produce approximately R$19 to R$23 million in Tower Cash Flow for the full calendar year 2013 and be immediately accretive to AFFO per share.
"We are very pleased to have acquired these assets," commented Jeffrey A. Stoops, SBA's President and Chief Executive Officer. "We are excited to begin operations in Brazil. This acquisition provides us with a national footprint of high quality towers, including leasing arrangements with all of the major broadband wireless providers, and establishes us as a substantial independent tower owner in an attractive and high growth market."