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American Tower to acquire 196 wireless communication towers from Cincinnati Bell

Posted on: Thu, 19 Nov 2009 13:51:00 EST

Symbols: AMT, CBB

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Nov 19, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
CBB | Quote | Chart | News | PowerRating -- Telecom infrastructure company American Tower Corporation has entered into a definitive agreement to acquire 196 wireless communications towers located primarily in Ohio and Kentucky from Cincinnati Bell, Inc. for $100 million. Both the companies are based in the US.

Cincinnati Bell is a provider of data and voice communications services.

Following the transaction, Cincinnati Bell will remain a tenant on all 196 towers pursuant to a long-term master lease agreement.

American Tower expects to fund the consideration from its available cash on hand and cash equivalents balances.

Wells Fargo Securities, LLC is advising Cincinnati Bell on the transaction.

The acquisition is expected to close on or about December 30, 2009.

Deal Value (US$ Million) 100
Deal Type                Acquisition
Sub-Category             Asset Purchase
Deal Status              Announced: 2009-11-18

Deal Participants

Target (Company)   Cincinnati Bell, Inc. - 196 Wireless Communications Towers
Acquirer (Company) American Tower Corporation
Vendor (Company)   Cincinnati Bell, Inc.

Deal Rationale

The transaction is a part of Cincinnati Bell's strategy to improve liquidity and unlock shareholder value by selling non-core assets.

For full details on American Tower Corp (AMT) AMT. American Tower Corp (AMT) has Short Term PowerRatings at TradingMarkets. Details on American Tower Corp (AMT) Short Term PowerRatings is available at This Link.

For full details on Cincinnati Bell (CBB) CBB. Cincinnati Bell (CBB) has Short Term PowerRatings at TradingMarkets. Details on Cincinnati Bell (CBB) Short Term PowerRatings is available at This Link.

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