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American Tower to acquire London's Eaton Towers for $1.85B

American Tower Corp. agreed to acquire Eaton Towers Holdings Ltd. for a total consideration of roughly $1.85 billion, including the assumption of existing debt.

Eaton is a London-based owner and operator of approximately 5,500 communications sites serving the African market.

American Tower expects Eaton's assets to generate roughly $260 million in property revenue and roughly $165 million in gross margin during the first full year of their integration into the buyer's portfolio.

The transaction is scheduled to close by the end of 2019, subject to customary conditions and regulatory approvals.