American Tower Corp., a Boston-based owner and operator of broadcast and wireless communications sites, said it has agreed to buy up to about 2,500 towers from Telefónica’s Mexican subsidiary, Pegaso PCS, S.A. de C.V., for $500 million, excluding value added tax.
The acquisition, which is subject to regulatory approval, would nearly double the company’s portfolio in Mexico, James Taiclet, chairman, president, and chief executive of American Tower, said in a press release. The company added that it expects to acquire a substantial majority of the towers during the fourth quarter.
Over the last 18 months, American Tower has also bought towers in Colombia and Chile.
Earlier this month, it disclosed plans to establish a joint venture that would buy tower sites in Uganda.
The company said it currently owns and operates about 40,000 communications sites in the United States, Brazil, Chile, Colombia, Ghana, India, Mexico, Peru, and South Africa.
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