AIRTOUCH COMMUNICATIONS: Airtouch Communications grants sublease rights to 2,100 towers.

0 Comments | M2 Presswire, August, 1999

M2 PRESSWIRE-9 August 1999-AIRTOUCH COMMUNICATIONS: Airtouch Communications grants sublease rights to 2,100 towers to American Tower (C)1994-99 M2 COMMUNICATIONS LTD RDATE:090899 AirTouch Communications, Inc., a subsidiary of Vodafone AirTouch Plc (NYSE: VOD), today announced the signing of a definitive agreement with American Tower Corporation (NYSE: AMT) to grant the rights to approximately 2,100 communications towers through a master sublease agreement.

Additionally, American Tower will enter into an exclusive three-year build-to-suit agreement that is estimated to produce 400-500 new communications towers in strategic locations. The consideration for the transaction includes $800 million in cash, based on 2,100 towers, plus a five-year warrant to...