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  "documentTitle": "American Tower (AMT)",
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  "authorName": "Carson C. Block",
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      "text": "This transaction appears to be yet another low quality, growth at any price transaction AMT management is making merely because it can (and is compensated to do).",
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      "text": "The valuation of this transaction is in the range of 15x to 21x EBITDA, which is very frothy. AMT disclosed that it expects gross margin from the transaction of $55 million.",
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      "text": "AMT recently announced that it had agreed to acquire a total of 4,456 towers from NII Holdings, Inc. (NASDAQ: NIHD) for approximately $811 million, which is a blended average price of $182,000 per tower.",
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      "text": "Muddy Waters, LLC | August 12, 2013 | Page 2",
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      "text": "A Zebra Can't Change its Stripes: AMT's Latest Purchase from NIHD",
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