ATC buys out Tata’s 13% in Indian tower venture

Kolkata: American Tower Corp has acquired Tata Teleservices’ near 13% residual stake in ATC Telecom Infrastructure Pvt Ltd for roughly Rs 2,500 crore in an all-cash deal, two people with direct knowledge of the matter told ET.

The deal — at roughly Rs 212 per share — marks the exit of Tata Group from the consumer mobility and related businesses.

The group is in the final stages of selling Tata Teleservices’ consumer mobility business to Bharti AirtelNSE 1.26 %.

With this, the Boston-based independent tower firm now owns nearly 90% in ATC Telecom Infrastructure, one of the persons cited above told ET.

Macquarie-controlled funds are reckoned to own the balance 10% shares.