US Operator Buys Telefonica Mexico Towers

American Tower, a US operator of telecommunications towers and sites, has agreed to acquire 2,500 telecom towers in Mexico from Pegaso PCS, the Mexican subsidiary of Spain’s Telefonica, for $500m. Neither party involved in the deal hired financial advisors, and American Tower used its own in-house M&A group, say a spokeswoman for American Tower. Stearns declined to provide any valuation multiples for the purchase. The company said in a statement that the tower acquisition doubled its portfolio of assets in Mexico, a bet on the future growth of the telecom business in that country.