The American Tower Corp. bought almost all the wireless communications tower business from Michael and Steven Roberts of the Robert Cos. This sale fetched them $88.5 million. Michael Roberts said that this money would provide their company with substantial liquidity, which in turn will help them in their other ventures. These include 11 hotels, four television stations, a radio station and various residential and commercial real estate holdings.
The company made an 8% profit in the year 2008, but the recession impacted the figures for 2009. So this year they were looking to monetize their assets. Roberts said, “We continue to strengthen our assets in St. Louis,” Roberts said. “We have substantial holdings, we protect those holdings, and we try to build upon them. There are so many opportunistic acquisitions we are looking at. This might be the best time to make a purchase.”
The price per tower was around $540,000, which is a pretty decent price by market standards. These towers are usually made by tower by taking loans, which are then repaid from the money that flows in through the long-term leases given to wireless telecommunications companies like AT&T, Verizon Wireless and Sprint Nextel. American tower is the biggest operator in the United States, and with this acquisition, will further its strong position.