Muddy Waters Very Skeptical of AMT/GTP Deal

Muddy Waters with a new report on the AMT Global Tower deal, below is the full report (its a shorter one).

AMT’s $4.8 billion acquisition of Global Tower Partners is astoundingly expensive – the 2014 EBITDA multiple appears to be about 19x. AMT expects that its net leverage ratio will be 5.8x after the acquisition. Management says that they expect to rapidly de-lever afterward. We question how rapidly AMT can de-lever when it is paying 19x EBITDA.

Listening to the call, we . . .

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