M&A Deal Summary

American Tower Acquires InSite Wireless Group

On November 5, 2020, American Tower acquired communications company InSite Wireless Group from Viridian Investment Partners, Catalyst Investors, Cox Enterprises and Macquarie for 3.5B USD

Acquisition Highlights
  • This is American Tower’s 12th transaction in the Communications sector.
  • This is American Tower’s 3rd largest (disclosed) transaction.
  • This is American Tower’s 10th transaction in the United States.
  • This is American Tower’s 1st transaction in Virginia.

M&A Deal Summary
Date 2020-11-05
Target InSite Wireless Group
Sector Communications
Buyer(s) American Tower
Sellers(s) Viridian Investment Partners
Catalyst Investors
Cox Enterprises
Macquarie
Deal Type Add-on Acquisition
Deal Value 3.5B USD
Advisor(s) Evercore Group (Financial)
Lowenstein Sandler (Legal)

Target

InSite Wireless Group

Alexandria, Virginia, United States
InSite Wireless Group LLC develops, owns, operates, and manages communications wireless infrastructure facilities primarily for the wireless and broadcast industries. InSite’s tower division is one of the largest privately-owned U.S. tower companies and develops, manages, owns, and operates approximately 1,500 telecommunications towers and sites for wireless carriers across the United States, Puerto Rico, the U.S. Virgin Islands, Canada, and Australia. InSite’s distributed antenna system (DAS) and small cell division specializes in the design, installation, operation, and maintenance of shared wireless infrastructure solutions that enhance the quality and capacity of wireless voice and data services in public facilities and complex environments. InSite Wireless Group was founded in 2000 and is based in Alexandria, Virginia.

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Buyer(S) 1

Buyer

American Tower

Boston, Massachusetts, United States
Category Company
Founded 1995
Sector Real Estate
Employees5,643
Revenue 11.1B USD (2023)
DESCRIPTION

American Tower is an independent owner, operator, and developer of wireless and broadcast communication real estate. The Company's global portfolio includes over 99,000 owned or managed sites and is experiencing steady growth. In addition to leasing space on towers, American Tower provides customized collocation solutions through our in-building systems, outdoor distributed antenna systems and other right-of-way options, managed rooftops and services that speed network deployment. American Tower was founded in 1995 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 13 of 15
Sector (Communications) 12 of 12
Type (Add-on Acquisition) 10 of 12
State (Virginia) 1 of 1
Country (United States) 10 of 12
Year (2020) 1 of 1
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-30 Eaton Towers

London, United Kingdom

Eaton Towers is a high-growth pan-African telecom tower management company that provides the shared site and tower services for telecom network operators by acquiring, building, and maintaining passive telecommunications infrastructure assets. Eaton Towers was founded in 2008 and is based in London, United Kingdom.

Buy $1.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-20 DataSite

Orlando, Florida, United States

DataSite is an owner/operator of multi-tenant data centers that offer affordable colocation options that will put digital content at the epicenter of network connectivity to the world. DataSite is based in Orlando, Florida.

Buy -

Seller(S) 4

SELLER

Viridian Investment Partners

Category Private Equity Firm
Founded 2007
PE ASSETS 80M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Viridian Investment Partners LP is a private equity firm focused on growth investments in companies with recurring revenue models and proven business models. Viridian will consider controlling and non-controlling positions and seeks to commit at least $4 million per transaction. Sectors of interest include telecommunications, information technology, Software-as-a-Service, and alternative energy. Viridian Investment Partners was formed in 2007 and is based in Providence, Rhode Island.

DEAL STATS #
Overall 2 of 2
Sector (Communications) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Virginia) 1 of 1
Country (United States) 2 of 2
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-01 Central States Tower Holdings

Wheaton, Illinois, United States

Central States Tower II (CST II) is an owner/operator of wireless communications towers in 14 states.

Sell -
SELLER

Catalyst Investors

New York, New York, United States

Investor Investor Investor Investor Investor

Category Venture Capital Firm
Founded 1999
PE ASSETS 377M USD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Catalyst Investors is a specialist private equity firm that targets investments in the media, communications and internet services industries. Specific areas of interest include, video and audio content and distribution, print and online publishing, out-of-home advertising, music publishing, wireless voice and data, wireless spectrum and other infrastructure, outsourced applications providers / software as a service (SAAS), subscription based services, and online advertising. Catalyst looks for the growth companies located in the US and Canada requiring $10 to $60 million in capital. Catalyst prefers businesses with 'high-margin economics', 'defensible market positions', and 'recurring revenues'. Catalyst was formed in 1999 and is based in New York.

DEAL STATS #
Overall 35 of 39
Sector (Communications) 12 of 12
Type (Add-on Acquisition) 17 of 19
State (Virginia) 3 of 3
Country (United States) 33 of 37
Year (2020) 2 of 2
Size (of disclosed) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-27 Xplornet

Woodstock, New Brunswick, Canada

Xplornet is a provider of broadband access to rural consumers across Canada using both 4G Wireless and two-way next-generation satellites. Xplornet has been providing innovative fixed and mobile broadband solutions to rural customers at work, home and plays across Canada. Xplornet offers voice and data communication services through its unique hybrid fiber wireless and satellite network that connects Canadians to what matters. Xplornet was founded in 2004 and is based in Woodstock, New Brunswick.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-06 Pax8

Greenwood Village, Colorado, United States

Pax8 is a provider of cloud platforms that modernizes the channel’s cloud journey with consolidated billing, automated provisioning, and industry-leading PSA integrations. Pax8 is based in Greenwood Village, Colorado.

Buy -
SELLER

Cox Enterprises

Atlanta, Georgia, United States
Category Company
Founded 1898
Sector Diversified
Employees50,000
DESCRIPTION

Cox Enterprises is a global conglomerate with interests in communications, media, and automotive services. The company operates through its major subsidiaries, including Cox Communications, which is one of the largest broadband and entertainment companies in the United States, providing high-speed internet, digital television, and telephony services. Cox Automotive is another significant division, offering a wide array of automotive services and solutions, including vehicle remarketing, digital marketing, software solutions for automotive dealers, and financial services. Cox Media Group, although its portfolio has evolved over the years, has been involved in broadcasting, publishing, and digital media. Cox Enterprises was founded in 1898 and is headquartered in Atlanta, Georgia.

DEAL STATS #
Overall 3 of 3
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (Virginia) 1 of 1
Country (United States) 3 of 3
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-10 Cox Media Group - Three Ohio Newspapers

Atlanta, Georgia, United States

Cox Media Group, Inc. - Three Ohio Newspapers comprise the Dayton Daily News, the Springfield News-Sun, and the JournalNews.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-17 BrightFarms

Irvington, New York, United States

BrightFarms is a provider of locally grown packaged salads, serving the freshest, tastiest, and most responsibly grown produce to consumers nationwide. BrightFarms operates hydroponic greenhouse farms in the communities it serves, enabling it to eliminate time, distance, and costs from the food supply chain. BrightFarms’ growing methods, a model for the future of scalable, sustainable local farming, use far less energy, land, and water than long-distance, field-grown agriculture. BrightFarms is based in Irvington, New York.

Buy -
SELLER

Macquarie

New York, New York, United States
Category Company
Founded 2004
Sector Infrastructure
Employees2,224
Revenue 236M USD (2021)
DESCRIPTION

Macquarie through its subsidiaries, owns, operates, and invests in infrastructure businesses that provide services to businesses and individuals primarily in the United States. Macquarie was formed in 2004 and is based in New York, New York.

DEAL STATS #
Overall 2 of 4
Sector (Communications) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Virginia) 1 of 1
Country (United States) 2 of 4
Year (2020) 1 of 2
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-15 Bayonne Energy Center

Bayonne, New Jersey, United States

Bayonne Energy Center is a 512 MW power generation facility under construction in Bayonne, New Jersey, and interconnected at ConEd's Gowanus substation in Brooklyn (New York Zone J). Bayonne Energy Center is based in Bayonne, New Jersey.

Sell $900M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-09 International-Matex Tank Terminals

New Orleans, Louisiana, United States

International-Matex Tank Terminals, Inc. (IMTT) is a provider of handling and storage of bulk liquid products through its ownership and operation of ten terminals in the U.S. and two additional facilities in Canada. The terminals handle petroleum (primarily refined), chemical, and vegetable and animal oil products for customers including refiners, commodities traders, and specialty chemical manufacturers. Customers retain ownership of the bulk liquids, as well as responsibility for ensuring those products. IMTT is the lessor of its more than 45 million barrels of storage capacity. International-Matex Tank Terminals was formed in 1939 and is based in New Orleans, Louisiana.

Sell $2.7B
Mergr

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