17.01.2017, 20:44
SBA Communications Completes Merger in Connection with REIT Conversion
OREANDA-NEWS. SBA Communications Corporation (NASDAQ:SBAC) ("SBA") announced today the completion of the previously announced merger of SBA Communications Corporation with and into SBA Communications REIT Corporation ("SBA REIT"), a wholly owned subsidiary of SBA. SBA completed the merger to facilitate its compliance with the rules governing real estate investment trusts ("REITs") by ensuring the effective adoption of certain charter provisions that implement standard REIT ownership limitations and transfer restrictions related to its capital stock.
As a result of the merger, shareholders of SBA automatically became shareholders of SBA REIT, which changed its name from "SBA Communications REIT Corporation" to "SBA Communications Corporation" as of 11:59 p.m., Eastern Time, on January 13, 2017, the effective time of the Merger, and succeeded to and continued the business and assumed the obligations of SBA immediately prior to the merger. Shares of SBA Class A common stock, par value $0.01 per share, will continue to trade on the NASDAQ Global Select Market under the symbol "SBAC," effective January 17, 2017.
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central and South America. By "Building Better Wireless," SBA generates revenue from two primary businesses-site leasing and site development services. SBA’s primary focus is the leasing of antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts.
As a result of the merger, shareholders of SBA automatically became shareholders of SBA REIT, which changed its name from "SBA Communications REIT Corporation" to "SBA Communications Corporation" as of 11:59 p.m., Eastern Time, on January 13, 2017, the effective time of the Merger, and succeeded to and continued the business and assumed the obligations of SBA immediately prior to the merger. Shares of SBA Class A common stock, par value $0.01 per share, will continue to trade on the NASDAQ Global Select Market under the symbol "SBAC," effective January 17, 2017.
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central and South America. By "Building Better Wireless," SBA generates revenue from two primary businesses-site leasing and site development services. SBA’s primary focus is the leasing of antenna space on its multi-tenant towers to a variety of wireless service providers under long-term lease contracts.
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