Lowenstein Sandler represented longtime client InSite Wireless Group, LLC (InSite), one of the largest privately owned tower and wireless infrastructure companies in the United States, in its definitive agreement to be acquired by American Tower Corporation (NYSE: AMT). The total consideration for the transaction, including cash acquired and American Tower’s assumption and/or repayment of InSite debt at closing, is approximately $3.5 billion, subject to customary closing adjustments.
InSite owns, operates, and manages approximately 3,000 communications sites, primarily in the United States and Canada. The portfolio includes more than 1,400 owned towers in the United States, over 200 owned towers in Canada, and approximately 70 distributed antenna system networks in the United States. In addition, InSite controls more than 600 land parcels under communications sites as well as approximately 400 rooftop sites.
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 181,000 communications sites.
American Tower expects the assets to generate approximately $150 million in property revenue and approximately $115 million in gross margin in their first full year in its portfolio. The transaction is anticipated to be immediately accretive to American Tower’s Consolidated AFFO per Share and is expected to close by the end of 2020, subject to customary closing conditions. American Tower anticipates financing the transaction in a manner consistent with its investment grade credit ratings.
Lowenstein has represented InSite on a number of transactions, most recently in its acquisition of Repeater Communications Group, LLC, one of the leading operators of leased rooftop telecommunications sites in New York City and surrounding markets.
The Lowenstein deal team included Michael A. Brosse, Eugene R. Cheval, Traci M. Tomaselli, Eric Swartz, Sabrina Cua, Timothy J. Nichols, Michael Walutes, Megan Monson, Darren Goodman, Jeffrey Blumenfeld, Lowell A. Citron, Marc S. Kurzweil, Andrew E. Graw, Nicholas G. Mehler, Jeffrey M. Shapiro, Julie Levinson Werner, Norman Spindel, Jack Sidorov, and Matthew P. Hintz.
About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
Stephen J. Kimmerling
Director, Marketing Communications
Lowenstein Sandler LLP
T: +1 973.597.6176
E: [email protected]