American Tower Company had initially introduced the transaction in January 2024
American Tower Company (ATC) introduced that it has closed the beforehand introduced sale of 100% of the fairness pursuits in its operations in India to Information Infrastructure Belief (DIT), an infrastructure funding belief sponsored by an affiliate of Brookfield Asset Administration, the previous mentioned in an announcement.
American Tower’s complete money proceeds from the deal can be roughly INR 210 billion ($2.5 billion), which embody roughly $320 million related to the monetization of optionally transformed debentures issued by Vodafone Concept and funds on ATC India receivables, web of withholding tax and roughly $2.2 billion of ultimate proceeds at closing. “Such proceeds are anticipated for use to repay American Tower’s current indebtedness, together with the reimbursement of the prevailing India time period mortgage at closing,” ATC added.
DIT takes possession of roughly 76,000 towers in India, rising the variety of websites managed to about 257,000, placing it forward of rival tower operator Indus Tower, owned by Indian provider Bharti Airtel, which operates 226,000 websites.
Along with Brookfield Asset Administration, DIT is backed by British Columbia Funding Administration and GIC.
The transaction was initially agreed in January and was accredited by the Competitors Fee of India in August.
“With this acquisition, the Brookfield-led consortium reinforces its dedication to connecting India with an expanded portfolio of 257,000 telecom websites,” DIT mentioned in an announcement.
DIT’s Telecom Infrastructure portfolio can be operated beneath the brand new model identify Altius, in response to native press studies.
ATC India is Brookfield’s third acquisition within the Indian telecommunications market.
In 2022, Brookfield acquired a portfolio of 6,300 indoor enterprise answer websites and small cell websites. Brookfield additionally has a portfolio of roughly 175,000 towers that have been acquired in 2020 from Reliance Industrial Investments, in response to native press.
In India, Brookfield has roughly $29 billion in property beneath administration throughout infrastructure, actual property, renewable energy and transition and personal fairness.
