American Tower Sells Canadian Portfolio to CVC DIF's Aurora Towers
AMT is trading near its 52-week low of $160.06 (11% above the low).
Summary
American Tower is selling its Canadian wireless tower portfolio to CVC DIF's Aurora Towers. The deal adds 255 sites to Aurora, expanding its portfolio to over 650 sites. No financial terms were disclosed. This divestiture is a modest portfolio optimization for American Tower, which has a market cap of about $82 billion. The transaction follows the company's strong Q2 results and raised guidance, but the Canadian assets are a small fraction of its global footprint. Watch for any disclosure of sale proceeds or use of funds in future filings.
At the time of this announcement, AMT was trading at $178.39 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $81.9B. The 52-week trading range was $160.06 to $209.10. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.