American Tower, has entered into a definitive agreement to purchase InSite Wireless for $3.5 billion. American Tower is an investment trust which owns and operates wireless and broadcast communications infrastructure in several countries worldwide. InSite Wireless is one the largest privately owned tower and wireless infrastructure companies.
American Tower aims to boost up its telecom assets as 5G gains momentum in the United States. A year after the deal is closed, InSite’s assets are expected to bring in $150 million in property revenue and about $115 million in gross margin, said American Tower.
Tom Barllett, CEO of American Tower said, “We believe that these assets are positioned to enhance our organic growth and cash flow trajectory in the future as 5G deployments accelerate and densification initiatives progress.”