AMT Beats Q4, To Acquire Essar Telecom Infrastructure
Analyst Ilya Grozovsky of Morgan Joseph maintains his "hold" rating on American Tower Corporation (NYSE: AMT).
American Tower reported its Q4 results ahead of the estimates and the consensus. “As expected, American Tower experienced continued demand for wireless infrastructure solutions as leasing demand from Clearwire (CLWR - $6.62 - NASDAQ) and three of four national carriers in the U.S. remained high,” the analyst says.
AMT has announced the acquisition of Essar Telecom Infrastructure through its Indian subsidiary, Transcend, for approximately $430 million. “We believe this should help drive total towers in India to approximately 7,000 sites and lead to revenue from India totaling between 6-7% of sales in 2010, up from 1% currently,” the analyst adds.
