American Tower buys network infrastructure in Mexico

American Tower Corporation completed its previously announced acquisition of KIO Networks’ infrastructure subsidiary in Mexico. The deal includes more than 50,000 concrete poles and approximately 2,100 route miles of fiber, primarily located in Mexico’s key urban centers. The price was approximately $500 million in cash.

Hal Hess, American Tower’s EVP and President, EMEA and Latin America, stated, “We are pleased to close this transaction, which we expect not only to enhance the value of our existing tower portfolio in Mexico, but also to better position American Tower to capture a larger share of future urban 4G network densification efforts and the eventual rollout of 5G.”

Citigroup acted as American Tower’s exclusive financial adviser and Kilpatrick Townsend & Stockton and Holland & Knight as its legal advisers.

American Tower, one of the largest global REITs, has a portfolio of approximately 149,000 communications sites.