Published On:April 4 2018
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ATC completes Vodafone India's Rs. 3,850-cr tower deal.
NYSE-listed American Tower Corporation (ATC) has completed the acquisition of Vodafone India's telecom towers, totalling 10,200 sites, in a cash deal worth Rs. 3,850 crore. Further, its deal with Idea Cellular is expected to be completed in the first half of this calendar year.
On Monday, BusinessLine reported quoting a source that the deal had been sealed, and was likely to be announced soon, probably this week itself.
ATC acquired the company through its majority-owned Indian subsidiary ATC Telecom Infrastructure Pvt Ltd, the company said in a statement.
“This portfolio will complement our existing footprint and help us serve our tenants in India as they expand 4G services in the coming years,” Amit Sharma, Executive Vice-President and President, Asia at ATC, said.
In a separate statement, Vodafone India also confirmed the development, adding Vodafone India’s standalone tower businesses were sold by Vodafone Mobile Services Ltd and Vodafone India.