American Tower closes acquisition of KIO telecom assets in Mexico

Press Release from American Tower Corporation and KIO Networks

MEXICO CITY--American Tower Corporation and KIO Networks announced today the closing of American Tower's acquisition of KIO Networks' subsidiary, which holds more than 50,000 concrete poles and approximately 2,100 route miles of fiber, primarily located in Mexico's key urban centers. The total cash consideration for the transaction is approximately $500 million, subject to customary working capital adjustments.

Hal Hess, American Tower's EVP and President, EMEA and Latin America, stated, "We are pleased to close this transaction, which we expect not only to enhance the value of our existing tower portfolio in Mexico, but also to better position American Tower to capture a larger share of future urban 4G network densification efforts and the eventual rollout of 5G."

Sergio Rosengaus, KIO Networks' Chief Executive Officer stated, "We are glad to announce the closing of a successful transaction between American Tower and KIO, which we believe will further enhance competition in the Mexican telecommunications environment and contribute to satisfying the growing demand for high-quality bandwidth services. We look forward to continue growing the telecommunications industry in Mexico hand in hand with American Tower."

Citigroup acted as American Tower's exclusive financial adviser and Kilpatrick Townsend & Stockton and Holland & Knight as its legal advisers.

Barclays acted as financial advisor for KIO Networks, with Santander providing valuation services. Gonzalez Calvillo S.C. acted as legal advisor.