American Tower in $3.1 Billion Merger With SpectraSite

Cleary Gottlieb is representing Citigroup Global Markets Inc. as financial advisor to American Tower Corporation in its merger with SpectraSite, Inc.  Holders of SpectraSite common stock will receive 3.575 shares of American Towers Class A Common Stock for each share of SpectraSite they own.  The stock-for-stock transaction was valued at $3.1 billion.

This transaction brings together two tower industry leaders to create North America’s premier tower company with more than $1 billion in annual revenues.