, an owner of broadcast and wireless communications sites, agreed to acquire wireless tower operator
in a stock deal worth $61.53 a share, or $3.1 billion.
Shareholders of SpectraSite will receive 3.575 shares of American Tower Class A common stock for each common share of SpectraSite. American Tower expects to issue about 181 million shares in the transaction. Following the closing, American Tower shareholders will own 59% of the company, and SpectraSite shareholders will own 41%.
Shares of SpectraSite closed Tuesday at $56.20 in regular trading, but in premarket action the stock was up $2.80, or 5%, to $59.
The companies expect to close the transaction in the second half of the year. The combined company will have more than 20,000 tower sites in the United States.
Separately, American Tower said total revenue increased 9% to $184.4 million for the quarter ended March 31, while the company had a loss of $31.6 million, or 14 cents a share.