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UPDATE 1-American Tower to boost telecom portfolio with $3.5 bln deal for InSite Wireless

(Adds more details on deal)

Nov 5 (Reuters) - American Tower Corp said on Thursday it will buy communications firm InSite Wireless Group LLC in a $3.5 billion deal, aiming to snap up more telecom assets as 5G builds momentum in the United States.

American Tower is one of the largest real estate investment trusts globally that owns and operates over 181,000 communications towers. It leases out the towers to telecom companies. InSite has over 3,000 communications towers, mostly across the United States and Canada.

American Tower said it expects InSite’s assets to generate about $150 million in property revenue, and about $115 million in gross margin in its first full year after the completion of the deal.

Cleary Gottlieb Steen & Hamilton LLP served as the principal legal adviser to American Tower, and Evercore was the financial adviser for InSite, while Lowenstein Sandler LLP was its principal legal adviser.

Reporting by Munsif Vengattil and Tiyashi Datta; Editing by Shinjini Ganguli

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