American Tower Corporation had initially announced the transaction in January 2024
American Tower Corporation (ATC) announced that it has closed the previously announced sale of 100% of the equity interests in its operations in India to Data Infrastructure Trust (DIT), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, the former said in a statement.
American Tower’s total cash proceeds from the deal will be approximately INR 210 billion ($2.5 billion), which include approximately $320 million associated with the monetization of optionally converted debentures issued by Vodafone Idea and payments on ATC India receivables, net of withholding tax and approximately $2.2 billion of final proceeds at closing. “Such proceeds are expected to be used to repay American Tower’s existing indebtedness, including the repayment of the existing India term loan at closing,” ATC added.
DIT takes ownership of approximately 76,000 towers in India, increasing the number of sites managed to about 257,000, putting it ahead of rival tower operator Indus Tower, owned by Indian carrier Bharti Airtel, which operates 226,000 sites.
In addition to Brookfield Asset Management, DIT is backed by British Columbia Investment Management and GIC.
The transaction was initially agreed in January and was approved by the Competition Commission of India in August.
“With this acquisition, the Brookfield-led consortium reinforces its commitment to connecting India with an expanded portfolio of 257,000 telecom sites,” DIT said in a statement.
DIT’s Telecom Infrastructure portfolio will be operated under the new brand name Altius, according to local press reports.
ATC India is Brookfield’s third acquisition in the Indian telecommunications market.
In 2022, Brookfield acquired a portfolio of 6,300 indoor business solution sites and small cell sites. Brookfield also has a portfolio of approximately 175,000 towers that were acquired in 2020 from Reliance Industrial Investments, according to local press.
In India, Brookfield has approximately $29 billion in assets under management across infrastructure, real estate, renewable power and transition and private equity.
