November 14, 2017

American Tower to buy telecoms masts from Idea, Vodafone India

Idea, Vodafone

Idea Cellular and Vodafone India agreed to sell about 20,000 mobile phone masts to American Tower Corporation (ATC - a publicly held company, owner and operator of wireless and broadcast communications infrastructure in several countries) for 78.5 billion rupees.

As part of the merger deal agreed in March between Vodafone India and Idea, the two companies are selling the masts they own separately from their Indus Towers joint venture, India's largest telecom tower Company with 123,000 towers.

As per the deal, Idea Cellular will get 40 billion rupees and Vodafone India will get 38.5 billion rupees.Moreover, the two companies also said that they will look at selling their holdings in Indus, which is jointly owned by Vodafone India, Bharti Airtel, and Aditya Birla Telecom.

According to American Tower, the latest acquisition would be immediately accretive to its adjusted funds from operations per share, with the deal expected to be completed in the first half of 2018, subject to regulatory approvals.

American Tower has been steadily expanding its presence in India - the world's second biggest wireless market with 1.2 billion mobile subscribers.

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