SBA Communications Corporation will acquire more than 2,300 cell towers in the United States and Central America from wireless infrastructure operator Mobilitie in a deal worth $1.093 billion.
SBA will pay $850 million in cash and 5.25 million Class A shares in the transaction that also includes Mobilitie’s antenna system assets in Chicago, Las Vegas, New York City and Auburn, Ala. Based in Boca Raton, Fla., SBA leases cell tower antenna space to a variety of wireless service providers. It plans to fund the deal, expected to close in April, with cash on hand, existing credit and $500 million in new financing from Barclays Bank and J.P. Morgan.
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