American Tower’s $3.5 Billion Acquisition of InSite

Cleary Gottlieb Steen & Hamilton LLP advised American Tower, while Lowenstein Sandler LLP advised InSite on the deal.

American Tower Corporation (NYSE: AMT) has entered into a definitive agreement to acquire InSite Wireless Group, LLC (“InSite”), which owns, operates and manages approximately 3,000 communications sites, primarily in the U.S. and Canada. The portfolio includes more than 1,400 owned towers in the U.S., over 200 owned towers in Canada and approximately 70 distributed antenna system (“DAS”) networks in the U.S. In addition, InSite controls more than 600 land parcels under communications sites as well as approximately 400 rooftop sites. The total consideration for the transaction, including cash acquired and the Company’s assumption and/or repayment of InSite debt at closing, is approximately $3.5 billion, subject to customary closing adjustments.

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.

InSite’s exclusive financial advisor was Evercore.

The Cleary M&A team advising American Tower included partners Benet O’Reilly (Picture) and Kimberly Spoerri, associate Michael Spirtos and law clerk Declan White. Partners Craig Brod and Francesca Odell, associate Jeff Shim and law clerk Jason Benitez advised on capital markets and disclosure matters. Partner Corey Goodman and associate Kylie Barza advised on tax matters. Counsel Kathleen Emberger and associates Ashley Powell and Suzannah Golick provided counsel on employee benefit matters. Counsel Rick Bidstrup and Beau Sterling advised on environmental matters. Partner Duane McLaughlin advised on financing matters. Partner-elect Macey Levington and associates Meredith Leigh Finn and Madison Bush advised on securitization matters. Partner Daniel Ilan and associate Nico Weisman provided advice on IP matters.

Involved fees earner: Kylie Barza – Cleary Gottlieb Steen & Hamilton; Rick Bidstrup – Cleary Gottlieb Steen & Hamilton; Craig Brod – Cleary Gottlieb Steen & Hamilton; Madison Bush – Cleary Gottlieb Steen & Hamilton; Kathleen Emberger – Cleary Gottlieb Steen & Hamilton; Meredith Leigh Finn – Cleary Gottlieb Steen & Hamilton; Suzannah Golick – Cleary Gottlieb Steen & Hamilton; Corey Goodman – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Macey Levington – Cleary Gottlieb Steen & Hamilton; Duane McLaughlin – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Benet O’Reilly – Cleary Gottlieb Steen & Hamilton; Ashley Powell – Cleary Gottlieb Steen & Hamilton; Jeff Shim – Cleary Gottlieb Steen & Hamilton; Michael Nicholas Spirtos – Cleary Gottlieb Steen & Hamilton; Kimberly Spoerri – Cleary Gottlieb Steen & Hamilton; Beau Sterling – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: American Tower;

Avatar

Author: Ambrogio Visconti