American towers inc11/16/2023 Inside Towers contacted American Tower concerning the lawsuit and the company responded that it does not comment on ongoing legal proceedings but will fully defend its interests.īy J. In addition to the breached contracts, which total around $800 million, the plaintiffs are asking for damages in excess of $750,000, exclusive of costs, interest and reasonable attorney’s fees. The agreement to develop 958 towers in Latin America with DTH was breached by American Tower also in 2018, according to the complaint. In 2015, the real estate investment trust acquired 11,448 wireless communication sites from Verizon Communications Inc. In 2016, DTH and American Tower commenced negotiations to establish a joint venture in the telecom tower business in Peru through a Site-Development Agreement and a Master Usufruct Agreement. Also included in the proposed deal was a portfolio of 94 towers owned by Telefonica in Guatemala, which DTH had purchased with money forwarded by American Tower. from the plaintiffs for $466 million dollars late in 2018. The lawsuit claims that American Tower breached an agreement to purchase shares in Continental Towers LATAM Holdings, Ltd. Beginning late in 2017 and throughout 2018, Terra and American Tower negotiated the proposed acquisition of the towers owned by Continental Towers and DTH, an affiliate of Terra. Terra and Terra TBS own the majority of shares in Continental Towers, which owns and operates cell phone towers primarily in Central America, Peru and Colombia. Terra Towers Corporation filed a lawsuit against American Tower International in a Miami-Dade court on Tuesday, accusing them of breaching a $1 billion acquisition and development deal across numerous Latin American markets, collectively known as Project Codu. On July 24, 2023, American Tower Corp (NYSE:AMT) saw a gain of 3.12, with its stock price rising to 190.66.
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