BOCA RATON, Fla. (AP) — Communications tower operator SBA Communications Corp. is buying 3,252 towers in a cash-and-stock deal valued at about $1.45 billion.
The transaction with the tower owner TowerCo includes $1.2 billion in cash and 4.6 million shares of SBA common stock.
The towers are located in 47 states and Puerto Rico. SBA says the towers will be in great demand for future cell-splitting needs of U.S. wireless carriers.
SBA said Tuesday that it will pay for the cash portion of the buyout with available cash, existing credit facilities and up to $900 million in financing commitments from J.P. Morgan.
The Boca Raton, Fla., company says the deal will immediately add to its adjusted funds from operations per share.
The acquisition is expected to close in the fourth quarter.