May 5, 2005

SpectraSite and American Tower announced yesterday they have agreed to merge in an $11.3 billion stock-swap transaction.

The combination would create the largest tower company in North America with a site portfolio that exceeds 22,000 towers.

The merger agreement calls for SpectraSite shareholders to receive 3.575 shares of American Tower Class A common stock for each common share of SpectraSite.

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Both companies' boards of directors have already approved the deal. Further approval is needed from American Tower and SpectraSite shareholders.

American Tower brings more than 14,000 sites to the merger. SpectraSite has about 7,800 sites.

"This combination is a defining event in the tower industry, creating the clear industry leader," said Jim Taiclet, American Tower's chairman and chief executive officer. "We believe there is a compelling alignment between the strategies of American Tower and SpectraSite."

Source: RCR News