King & Spalding Advises American Tower Corporation in Its Merger With

NEW YORK, May 4 /PRNewswire/ -- King & Spalding LLP, a leading international law firm, today announced it advised American Tower Corporation in its agreement to acquire SpectraSite, Inc. in a $3 billion stock swap that would extend the size of the nation's largest tower company to 22,600 communications towers.

Under terms of the agreement, which has been approved unanimously by the boards of directors of both companies, American Tower and SpectraSite will merge in a stock for stock exchange in which shareholders of SpectraSite will receive 3.575 shares of American Tower Class A common stock for each common share of SpectraSite. After the closing, which is expected in the second half of this year, American Tower shareholders would own approximately 59 percent of the combined company.

The transaction is subject to approval by shareholders of both companies as well as regulatory approvals and other customary closing conditions.

King & Spalding LLP is an international law firm with more than 800 lawyers in Atlanta, Houston, London, New York and Washington, D.C. The firm represents more than half of the Fortune 100, and in a Corporate Counsel survey in October 2004 was ranked one of the top ten firms representing Fortune 250 companies overall. For additional information, visit http://www.kslaw.com/ .

King & Spalding LLP's American Tower Corporation Team

Partners: John L. Graham, Anthony W. Rothermel (Mergers & Acquisitions- New York); Alexander A. Gendzier (Corporate Finance-New York); Stephen Mills, Janet Andolina (Tax-New York)

Associates: Andrew J. Gasper, Lynn M. Andreas, Justin S. Storms (Mergers & Acquisitions-New York); John J. UyHam, Dana S. Gross (Corporate Finance-New York); Mandee R. Silverman (Tax-New York)

Contact: Les Zuke King & Spalding LLP Ph (212) 827-4392 lzuke@kslaw.com