SBA Communications Shareholders Approve Merger in Connection with REIT Conversion

1/13/17

BOCA RATON, Fla., Jan. 12, 2017 (GLOBE NEWSWIRE) -- SBA Communications Corporation (NASDAQ:SBAC) announced today that, at a special meeting of shareholders held earlier today, its shareholders voted to approve the previously announced Agreement and Plan of Merger, dated November 10, 2016, between SBA and its wholly owned subsidiary, SBA Communications REIT Corporation. Pursuant to the terms of the Merger Agreement, SBA will merge with and into SBA REIT, with SBA REIT continuing as the surviving entity of the Merger. As previously disclosed, SBA’s Board of Directors authorized SBA to take all necessary steps for it to be subject to tax as a real estate investment trust for U.S. federal income tax purposes commencing with SBA’s taxable year ending December 31, 2016, and SBA proposes to complete the Merger to ensure the effective adoption of certain charter provisions that implement standard REIT-related ownership limitations and transfer restrictions related to its capital stock. The Merger is expected to close no later than January 13, 2017, and SBA REIT is expected to change its name from “SBA Communications REIT Corporation” to “SBA Communications Corporation” as of the effective time of the Merger. Shares of SBA REIT’s Class A common stock, par value $0.01 per share, are expected to continue to trade on the NASDAQ Global Select Market under the symbol “SBAC,” effective January 17, 2017.

About SBA Communications Corporation

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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