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AMERICAN TOWER American Tower Announces Telxius Towers Transaction January 13 , 2021 BOSTON -- ( BUSINESS WIRE ) -- Jan . 13 , 2021-- American Tower Corporation ( NYSE : AMT ) today announced that it has entered into definitive agreements with Telefónica , S.A. ( “ Telefónica ” ) , under which it will acquire Telxius Towers , comprising approximately 31,000 existing communications sites in Germany , Spain , Brazil , Chile , Peru and Argentina . The total consideration for the transaction is approximately € 7.7 billion ( approximately $ 9.4 billion at current foreign exchange rates ) , subject to customary closing adjustments . In addition , American Tower expects to spend approximately $ 500 million to construct a committed pipeline of approximately 3,300 new sites in Germany and Brazil through 2025 . Tom Bartlett , American Tower's Chief Executive Officer stated , " This transaction is transformational for our European business and will establish American Tower as one of the largest independent communications infrastructure providers in Europe . It is also complementary for our Latin American portfolio and positions us to drive strong long - term organic growth across both regions while augmenting our new build programs and enhancing our relationships with key tenants . We are excited to broaden our partnership with Telefónica by acquiring a high - quality , well - located portfolio of sites that will further diversify our global footprint and enhance our ability to help provide broadband connectivity for billions of people . " American Tower expects the assets to generate approximately $ 775 million in property revenue , approximately $ 410 million in gross margin , and approximately $ 390 million in Adjusted EBITDA at current foreign exchange rates , in their first full year in its portfolio , pro forma for contributions from the committed future build - to - suits . This implies an Enterprise Value / Adjusted EBITDA multiple of less than 26x . The transaction is anticipated to be immediately accretive to Consolidated AFFO per Share and is expected to close in multiple tranches , beginning in the second quarter of 2021 , subject to government and regulatory approvals and customary closing conditions . American Tower intends to finance the transaction in a manner consistent with maintaining its investment grade credit rating and has obtained committed financing from Bank of America , N.A. BofA Securities , Inc. is serving as lead financial advisor to American Tower , who is also being advised by CDX Advisors and EA Markets . Conference Call Information American Tower will host a conference call today at 8:00 a.m. ET to discuss this transaction . Supplemental materials for the call will be available on the Company's website , www.americantower.com . The conference call dial - in numbers are as follows : U.S./Canada dial - in : ( 877 ) 692-8955 International dial - in : ( 234 ) 720-6979 Passcode : 3930135 When available , a replay of the call can be accessed until 11:59 p.m. ET on January 27 , 2021. The replay dial - in numbers are as follows : U.S./Canada dial - in : ( 866 ) 207-1041 International dial - in : ( 402 ) 970-0847 Passcode : 1953616 American Tower will also sponsor a live simulcast and replay of the call on its website , www.americantower.com . About American Tower American Tower , one of the largest global REITs , is a leading independent owner , operator and developer of multitenant communications real estate with a portfolio of over 183,000 communications sites . For more information about American Tower , please visit www.americantower.com . Cautionary Language Regarding Forward - Looking Statements This press release contains statements about future events and expectations , or " forward - looking statements , " all of which are inherently uncertain . We have based those forward - looking statements on management's current expectations and assumptions and not on historical facts . Examples of these statements include , but are not limited to , statements regarding the proposed closing of the transaction described above , expected financial projections for the portfolio and the impact on our consolidated results , the expected consideration and the expected sources of funds to pay for the transaction described above . These forward - looking statements involve a number of risks and uncertainties . For important factors that may cause actual results to differ materially from those indicated in our forward - looking statements , we refer you to the information contained in Item 1A of our Form 10 - K for the year ended December 31 , 2019 , as updated in our Form 10 - Q for the three months ended March 31 , 2020 , each under the caption " Risk Factors " and in other filings we make with the Securities and Exchange Commission . We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances . Adjusted EBITDA and Consolidated AFFO are non - GAAP financial measures . For more information , see our Form 10 - Q for the quarter ended September 30 , 2020 under the captions " Management's Discussion and Analysis of Financial Condition and Results of Operations - Non - GAAP Financial Measures " and " - Results of Operations . " Additionally , Consolidated AFFO per Share is a non - GAAP measure , and is defined as Consolidated AFFO divided by the diluted weighted average common shares outstanding . We have not provided a reconciliation of any forward looking non - GAAP financial measures , including Adjusted EBITDA , to the most directly comparable GAAP financial measures because we are unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable efforts , and we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors .