Cleary Gottlieb represented American Tower in a €7.5 billion bridge loan commitment with Bank of America N.A. and BofA Securities Inc.
The bridge loan commitment provides financing for American Tower’s purchase of Telxius Telecom’s European tower division and Latin American tower division. The total consideration for the transactions, including the purchaser’s assumption of the seller’s future committed acquisitions, is approximately €7.7 billion (approximately $9.4 billion at current foreign exchange rates), subject to certain closing adjustments.
American Tower, one of the largest global REITs, is a leading independent owner, operator, and developer of multitenant communications real estate with a portfolio of over 181,000 communications sites.
The Telxius Companies are engaged in the construction, holding, management, and operation of approximately 31,000 communications sites, including towers, distributed antenna systems, and small cells, in Argentina, Brazil, Chile, Germany, Peru, and Spain.