American Tower Corporation has struck a $4.8 billion purchase deal with the parent company of rival Global Tower Partners (GTP). The agreement, split into cash ($3.3 billion) and the taking on of debt ($1.5 billion), will add thousands of wireless sites to American Tower’s holdings.

GTP is majority-owned by Macquarie Infrastructure Partners together with minority partners, including Dutch pension fund manager PGGM and management.

GTP owns and operates approximately 5,400 domestic towers, 800 domestic property interests under third-party communications sites, and has management rights to over 9,000 domestic sites, which are primarily rooftop assets.

American Tower expects that in aggregate, during 2014, the portfolio will generate approximately $345 million in revenues and approximately $270 million of gross margin, and is anticipated to be immediately accretive to Adjusted Funds From Operations (“AFFO”) upon closing.

Jim Taiclet, chief executive of American Tower, said: “GTP has constructed and acquired an outstanding US portfolio of tower, rooftop and land assets, which is highly complementary to that of American Tower. Moreover, GTP’s management of these assets has been excellent, as confirmed through our rigorous due diligence process. GTP’s towers boast a high quality customer base, a strong position with respect to ground ownership and lease terms, and additional structural capacity available to facilitate future leasing activity.”

Taiclet added that with all four major domestic US wireless carriers engaged in aggressive multi-year 4G LTE deployments, the GTP acquisition “solidifies our path to achieving our strategic goals related to growing our AFFO over the next five years”.

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2013.