SBA Communications Acquires 800 Towers in Brazil
SBA Communications Corporation (NASDAQ: SBAC) ("SBA" or the "Company") announced today it has launched operations in Brazil and on December 20, 2012, acquired 800 freestanding wireless towers from one of the leading broadband wireless carriers in Brazil. The consideration for the acquisition is R$362.8 million payable from cash on hand and borrowings under the Company's Revolving Credit Facility. SBA expects these assets will produce approximately R$19 to R$23 million in Tower Cash Flow for the full calendar year 2013 and be immediately accretive to AFFO per share.
"We are very pleased to have acquired these assets," commented Jeffrey A. Stoops, SBA's President and Chief Executive Officer. "We are excited to begin operations in Brazil. This acquisition provides us with a national footprint of high quality towers, including leasing arrangements with all of the major broadband wireless providers, and establishes us as a substantial independent tower owner in an attractive and high growth market."
Information Concerning Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding (1) the Company's expectations regarding the amount of 2013 tower cash flow that the acquired towers will generate and the overall future performance of the acquired towers post-closing,