BOSTON-American Tower Corp. and SpectraSite Inc. announced Wednesday that their respective stockholders have approved the transaction for the companies to merge. The companies expect the merger to close on or about Aug. 8.
In the deal, the two companies agreed to a stock-for-stock exchange, whereby stockholders of SpectraSite will receive 3.575 shares of American Tower stock for each share of SpectraSite stock.
“We truly appreciate the support of our combined stockholders. We look forward to closing the merger, executing our integration plans and pursuing the expanded opportunities of our combined company for the benefit of our customers and stockholders,” said Jim Taiclet, chairman and chief executive of American Tower.
Boston-based American Tower owns, operates and develops broadcast and wireless communication sites in North America, with 14,800 towers spanning the United States, Mexico and Brazil.
SpectraSite, based in North Carolina, owns about 10,000 revenue-producing wireless tower sites and provides service for Cingular Wireless L.L.C., Nextel Communications Inc., Sprint PCS, T-Mobile USA Inc. and Verizon Wireless.
