Just before Christmas, American Tower received his biggest present of 2020, closing on its acquisition of InSite Wireless Group for the sum of $3.5 billion. The purchase was funded by a combination of cash on hand and revolver borrowings.
Tom Bartlett, American Tower’s CEO, said in a prepared statement, that the transaction will be immediately accretive, and he expects to quickly begin driving new leasing activity on the assets.
“As 5G densification initiatives in the United States accelerate and network deployments in international markets continue, we believe we are well positioned to generate attractive, sustainable long-term growth, including on these new sites, while playing a key role in enhancing mobile broadband connectivity,” he said.
American Tower expects the assets acquired from InSite to generate $150 million in property revenue and approximately $115 million in gross margin in 2021.