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 Knowledge Infrastructure Belief (DIT), an infrastructure funding belief sponsored by an affiliate of Brookfield Asset Administration, the previous stated in a press release.
American Tower’s complete money proceeds from the deal shall be roughly INR 210 billion ($2.5 billion), which embody roughly $320 million related to the monetization of optionally transformed debentures issued by Vodafone Thought and funds on ATC India receivables, internet of withholding tax and roughly $2.2 billion of ultimate proceeds at closing. “Such proceeds are anticipated for use to repay American Tower’s present indebtedness, together with the compensation of the present India time period mortgage at closing,” ATC added.
DIT takes possession of roughly 76,000 towers in India, growing 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 accepted 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 stated in a press release.
DIT’s Telecom Infrastructure portfolio shall be operated underneath the brand new model identify Altius, in keeping with native press reviews.
ATC India is Brookfield’s third acquisition within the Indian telecommunications market.
In 2022, Brookfield acquired a portfolio of 6,300 indoor enterprise resolution 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 keeping with native press.
In India, Brookfield has roughly $29 billion in property underneath administration throughout infrastructure, actual property, renewable energy and transition and personal fairness.
