American Tower to Sell India Business in $2.5 Billion Deal

American Tower to Sell India Business in $2.5 Billion Deal

American Tower to Sell India Business in $2.5 Billion Deal

American Tower to Sell India Business in $2.5 Billion Deal

Data Infrastructure Trust (DIT), sponsored by Brookfield Asset Management, has entered into a definitive agreement with American Tower Corporation (ATC) based in the United States to acquire the complete equity interests in ATC India.

On January 4, Moneycontrol initially reported that the prominent Canadian investor, Brookfield, had outpaced its rival, I Squared Capital, becoming the leading contender in a surprising turn of events in the final stages of the transaction.

American Tower Expands in India

DIT encompasses Brookfield’s telecom tower businesses in India under Summit Digitel and Crest Digitel. As per an official statement, the total cash proceeds to American Tower at the closing, contingent upon specific pre-closing terms, could potentially reach up to Rs 210 billion or $2.5 billion at current exchange rates. The transaction, marking the conclusion of the previously announced strategic review of American Tower’s operations in India, is subject to customary closing conditions, including government and regulatory approvals, with an anticipated closure in the second half of 2024.

The total cash proceeds comprise an enterprise value on the ATC India operations, approximately $2 billion, along with a ticking fee accruing from October 1, 2023, to the closing date. The proceeds linked to the enterprise value presuppose the repayment of existing intercompany debt and the settlement or assumption of the existing India term loan by DIT.

ATC India boasts a portfolio of around 78,000 sites across the nation. This marks Brookfield’s third foray into the Indian telecommunications sector. In 2022, the company acquired a portfolio of 5,000 indoor business solution sites and small cell sites, facilitating the advancement of 5G deployment and enabling telecom operators to expand their coverage in challenging-to-reach and densely populated areas.

Jason Stone

Jason Stone

Jason Stone is a serial entrepreneur with multiple 7 figure business ventures across various verticals of web and marketing. He is widely known by over 7 million people around the world as @Millionaire_Mentor on Instagram. Jason utilizes his experience and passion as a motivator, mentor, teacher, and social media influencer to help others create success. Jason Stone is an accomplished Senior Executive, Consultant, and Thought Leader with more than 20 years of success across the engineering, e-commerce, social media, internet, marketing, advertising, technology, automotive, blockchain, franchising, and health and wellness industries. He is an early-stage startup tech investor/advisor to over a dozen companies. Leveraging extensive experience creating go-to-market strategies and viral marketing, he is a valuable advisor for an organization experiencing growth or launching new products. His broad areas of expertise include business development, mechanical engineering, global strategy, email marketing, digital marketing, automation, blockchain, organizational leadership, and growth hacking. t
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