American Tower Corp (AMT) announced that it has entered into a definitive agreement to acquire 196 of Cincinnati Bell's (CBB) wireless communications towers for $100 million. Cincinnati Bell will remain a tenant on all 196 towers pursuant to a long-term Master Lease Agreement.
The acquisition is expected to close on or about December 30, 2009, and the acquisition's consideration is subject to certain closing adjustments. American Tower expects to use available cash on hand and cash equivalents to satisfy the consideration at closing.
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