I Squared closes in to buy ATC’s India telecom towers for $1.5-$2 bn

Mumbai | Kolkata: Boston-based American Tower Corp (ATC) is set to cede majority control in its wholly owned India unit to US private equity firm I Squared Capital after months of negotiations, said people aware of the matter.

The two sides have entered into a 60-day exclusivity agreement for bilateral negotiations that could end in ATC selling a minimum of 51% in its India unit, ATC Telecom Infrastructure Pvt Ltd (ATC-TIPL), to cashing out entirely at an enterprise value of around $1.5-2.0 billion, the people said.