American Tower Announces Agreement to Acquire Eaton Towers Holding Limited

American Tower Corporation (NYSE: AMT) today announced that it has
entered into a definitive agreement to acquire Eaton Towers Holding
Limited (“Eaton Towers”), which owns and operates approximately 5,500
communications sites across five African markets. As a result of the
transaction, the Company also expects to accelerate new build activity
across the region due to expanded relationships with multiple key
tenants. The total consideration for the transaction, including the
Company’s assumption of existing Eaton Towers debt, is approximately
$1.85 billion, subject to customary closing adjustments.

Jim Taiclet, American Tower’s Chief Executive Officer stated, “This
transaction will significantly augment our existing footprint in Africa
and positions ATC to take even better advantage of the growth
opportunity in the region as 4G mobile data technology is deployed to
serve millions of Africans over the coming years.”

The assets are expected to generate approximately $260 million in
property revenue and approximately $165 million in gross margin, at
current exchange rates, in their first full year in American Tower’s
portfolio. The transaction is anticipated to be immediately accretive to
Consolidated AFFO per Share and is expected to close by the end of 2019,
subject to customary closing conditions and regulatory approvals.

About American Tower

American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant communications
real estate with a portfolio of over 170,000 communications sites. For
more information about American Tower, please visit www.americantower.com.

Cautionary Language Regarding Forward-Looking Statements

This press release contains statements about future events and
expectations, or “forward-looking statements,” all of which are
inherently uncertain. We have based those forward-looking statements on
management’s current expectations and assumptions and not on historical
facts. Examples of these statements include, but are not limited to,
statements regarding the proposed closing of the transaction described
above, expected financial projections for the portfolio and the impact
on our consolidated results and the expected consideration for the
transaction described above. These forward-looking statements involve a
number of risks and uncertainties. For important factors that may cause
actual results to differ materially from those indicated in our
forward-looking statements, we refer you to the information contained in
Item 1A of our Form 10-K for the year ended December 31, 2018 under the
caption “Risk Factors” and in other filings we make with the Securities
and Exchange Commission. We undertake no obligation to update the
information contained in this press release to reflect subsequently
occurring events or circumstances.

Consolidated AFFO is a non-GAAP financial measure. For more information,
see our Form 10-Q for the quarter ended March 31, 2019 under the
captions “Management’s Discussion and Analysis of Financial Condition
and Results of Operations – Non-GAAP Financial Measures” and “– Results
of Operations.” Additionally, Consolidated AFFO per Share is a non-GAAP
measure, and is defined as Consolidated AFFO divided by the diluted
weighted average common shares outstanding.

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