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4-Traders Homepage  >  Equities  >  Nasdaq  >  SBA Communications Corporation    SBAC

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SBA Communications To Pay $1.09 Billion To Acquire Tower Sites, Other Assets

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02/21/2012 | 02:27pm CET

SBA Communications Corp. (>> SBA Communications Corporation) agreed to pay cell tower firm Mobilitie LLC $1.09 billion to acquire over 2,300 tower sites in the U.S. and Central America and other assets in a cash-and-stock deal.

SBA, which owns and operates wireless communications infrastructure in North and Central America, said it will pay $850 million in cash and 5.25 million Class A shares. The deal's value is based on the company's closing price on Friday.

The cash portion of the deal, which is expected to close in the second quarter, will be paid from a combination of cash on hand, existing credit facilities and $500 million in financing commitments from Barclays PLC (BCS, BARC.LN) and JPMorgan Chase & Co. (>> JPMorgan Chase & Co.).

Along with the tower sites SBA is acquiring, the company will also take ownership of some of Mobilitie's indoor and outdoor distributed antenna system assets in Chicago, Las Vegas, New York City and Auburn, Ala.

SBA President and Chief Executive Jeffrey A. Stoops said the towers could be readily integrated into the company's existing portfolio, as they are all located in areas where SBA already does business. He said the deal was particularly important as consumer demand for wireless data services continues to rise.

Stoops added SBA expects the transaction will immediately add to equity free cash flow per share.

The company's shares were inactive premarket at $46.27.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

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Financials ($)
Sales 2016 1 633 M
EBIT 2016 405 M
Net income 2016 76,6 M
Debt 2016 8 360 M
Yield 2016 -
P/E ratio 2016 192,52
P/E ratio 2017 91,13
EV / Sales 2016 13,5x
EV / Sales 2017 12,8x
Capitalization 13 638 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 129 $
Spread / Average Target 15%
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Managers
NameTitle
Jeffrey A. Stoops President, Chief Executive Officer & Director
Steven E. Bernstein Chairman
Mark R. Ciarfella Executive Vice President-Operations
Brendan Thomas Cavanagh Chief Financial Officer & Executive Vice President
Kevin L. Beebe Independent Director
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