[November 18, 2009] American Tower to acquire 196 towers from Cincinnati Bell Tweet Nov 18, 2009 (Datamonitor via COMTEX) -- American Tower has entered into a definitive agreement to acquire 196 of Cincinnati Bell's wireless communications towers for $100 million. American Tower has said that the towers are located primarily in Ohio and Kentucky and currently average 2.1 tenants per tower. 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. Gary Wojtaszek, CFO of Cincinnati Bell, said: "This transaction is a continuation of Cincinnati Bell's strategy to improve liquidity and unlock shareholder value. We are pleased to expand our long-term relationship with a world-class operator such as American Tower, who is facilitating our ability to sell these non-core assets at an attractive valuation." http://www.datamonitor.com Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon [ Back To TMCnet.com's Homepage ]