Brookfield to acquire ATC’s Indian business for an enterprise value of US$2 billion
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Canada-based Brookfield will acquire the Indian business of American Tower Corporation (ATC) for an enterprise value of US$2 billion. This information was given in a press release on Friday.
This transaction requires regulatory approval. It is expected to be completed in the second half of 2024. According to the press release, ”Data Infrastructure Trust (DIT), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management, has today announced its intention to acquire 100 percent equity interests in American Tower’s operations in India (ATC India) from ATC. Announced the signing of an agreement with.
It has an enterprise value of Rs 16,500 crore (US$2 billion), subject to pre-closing conditions under the securities purchase agreement. Tower company ATC India has about 78,000 sites across the country.
Brookfield owns about 1,75,000 towers which were acquired from Reliance Industrial Investments and Holdings Ltd in 2020. ATC India will be included in the DIT, which will include the existing telecom assets.
Arpit Agarwal, Managing Director (Infrastructure Head India and West Asia), Brookfield, said, “We look forward to expanding our existing telecom towers segment in India enabling a broader range of solutions for our customers and partners ”
“Through strategic acquisitions like ATC India, we are committed to empowering digital connectivity and transforming the telecom infrastructure landscape across the region,” he said. In India, Brookfield has interests in infrastructure, real estate, renewable power and transition and There are approximately US$25 billion of assets under management in private equity.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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