The assets include the wholly owned subsidiaries of American Tower Corporation - AT Australia Pty Ltd and AT Australia Operations Pty Ltd (together AT Australia).

The acquisition expands Waveconn’s portfolio by around 170 sites across Australia, comprising land under mobile towers and building rooftops.

While financial details were not disclosed, the average minimum cost to construct a communications tower has been widely estimated to be US$100,000 (A$$150,000), which would value the deal at somewhere upwards of A$25 million.

American Tower is one of the largest global developers of multi-tenant communications real estate with a portfolio of over 224,000 communications sites and data centre facilities.

Waveconn owns and operates around 1,400 tower and rooftop sites nationwide with hundreds more actively under development.

The Australian infrastructure owner specialises in building, owning and managing digital infrastructure for a range of clients, including the three national MNOs, government radio networks, and wireless internet service providers.

The transaction, subject to customary conditions precedent, including  Foreign Investment Review Board approval, is expected to close in the 4th quarter of 2024.