American Tower Corp., the biggest operator of cellular towers in the U.S., agreed to acquire the parent company of rival Global Tower Partners for about $3.3 billion, adding thousands of wireless sites to its holdings.

American Tower is buying MIP Tower Holdings LLC, a closely held real estate investment trust that owns Global Tower Partners and related companies, according to a statement today. The deal brings American Tower about 5,400 U.S. towers and the management rights to more than 9,000 additional sites. Including debt, the purchase price is about $4.8 billion.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.