ATC completes mobile tower deal with Vodafone India

ATC Telecom Infrastructure Private Limited, a majority-owned Indian subsidiary of American Tower Corporation, said that it has completed its acquisition of Vodafone India tower business, which consists of around 10,200 communications sites, for total cash consideration of approximately Rs 3800 crore.

“We are pleased to acquire this portfolio, which will complement our existing footprint and help us serve our tenants in India as they expand 4G services in the coming years,” Amit Sharma, American Tower’s EVP and President, Asia stated.

Last November, ATC announced its intention to acquire the towers assets of Vodafone India and Idea Cellular, which is getting merged to become the largest telecom firm in India. Selling off their towers would help the two merging telcos pare debt while boosting the tower portfolio of the US acquirer in a market witnessing massive 4G rollouts.

“In the Vodafone India / Idea merger announcement of 20 March 2017, both parties announced their intention to sell their individual standalone tower businesses to strengthen the combined financial position of the merged entity. The merger is expected to complete in the first half of the current calendar year,” said Vodafone Group in its statement on Tuesday.

Idea would receive Rs 4,000 crore from ATC if the sale of its towers happens before the merger completion.