American Tower Launches in Chile
BOSTON: ATC Sitios de Chile S.A., a subsidiary of American Tower Corp., said this week it launched operations in Chile, where it recently entered into agreements to purchase up to 287 wireless communication tower sites from Telefonica Chile S.A. The company purchased 113 of these tower sites, on which Telefonica Chile S.A. is the anchor tenant, at an initial closing on June 29, 2010, and expects to close on the remaining sites by the end of 2010, subject to customary closing conditions.
“Consistent with our strategy to expand within select Latin American countries, our launch of operations in Chile extends our presence into a vibrant wireless market where recent spectrum auctions are expected to drive investment in network expansion by existing wireless carriers as well as new entrants,” said Jim Taiclet, chairman, president and CEO. “We have the people, systems and processes in place to support our operations in Chile as we work to establish our local market presence. In addition, we will further leverage our existing regional operations as we continue to pursue opportunities for future expansion and investment.”
American Tower has around 20,000 towers in the United States and around 7,000 in Brazil, Mexico and India. Shares of the publicly owned company (NYSE: AMT) have gained around 6 percent year-to-date, trading today at near $46.
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