American Tower’s India operations,  which include more than  75,000 towers, will be sold to Brookfield. 

 Telecom tower operator American Tower has  announced that  it  will  sell its India operations to  a subsidiary  of Brookfield Asset Management for ₹21,000 crore. American Tower is an American real estate investment  company  with a portfolio of  communications infrastructure worth  nearly 2.25 lakh  crore  and interconnected  US  data  center infrastructure. 

According to their website, they have over  75,000 towers in India,  making them the  largest  business overseas.  ATC serves all  major telecommunications service providers in  the  country.  DIT currently  manages the assets of Brookfield’s telecommunications  tower businesses in India through Summit Digitel and Crest Digitel. The ATC deal is Brookfield’s third  telecommunications  acquisition in the country  in  the  past  four years. 

 According to  ATC’s  statement  issued  on Thursday,  the  total cash proceeds  from  American Tower at closing, subject to certain pre-closing  conditions, are likely  to  amount to about  ₹21,000 crore at  exchange  rates current exchange.  

 “The  transaction,  which marks  the culmination of the previously announced strategic review of American  Tower’s India operations,  is subject to customary closing conditions, including  approval by governments  and  regulators,  and is  expected  to  close  in the second half of  2024,”  the  press release said. 

Total  cash proceeds  include  an enterprise value for  ATC India operations of approximately $2.0  billion as well as ongoing management fees  from October 1,  2023 until  the closing date. 

The calculation of  the  resulting  enterprise value takes into account the repayment of existing intercompany debt and the repayment or  takeover  of  India’s  existing  term loan by DIT, it  added. 

In addition,  as part of the  potential cash proceeds  noted above,  American Tower will retain  all economic interest in  the  convertible  debentures issued by Vodafone Idea and  will be  entitled to  Future  payments  relate to  ATC  India’s current  receivables. 

Proceeds  from the transaction are expected to be  used to repay  American  Tower’s  existing  debt,  the  release  said.  

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