Indian infrastructure development company KEC International has agreed to sell its telecoms assets in three states to American Tower for about Rs810m (US$13m).
Bombay-listed KEC said in a stock exchange filing that it has entered into a binding…
Indian infrastructure development company KEC International has agreed to sell its telecoms assets in three states to American Tower for about Rs810m (US$13m).
Bombay-listed KEC said in a stock exchange filing that it has entered into a binding agreement to sell 381 telecoms sites in Chhattisgarh, Meghalya and Mizoram.
In a later filing, KEC revealed that the consideration for the deal, subject to regulatory and third-party approvals, is envisaged at about Rs810m.
Boston-based American Tower has a global portfolio of about 87,000 owned or managed wireless and broadcast communication sites. About 40,000 of these are in its core US market. Local unit ATC India owns or operates about 13,000 towers nationwide.
In February, the acquisitive towerco agreed to acquire the rights to 11,324 wireless towers and buy an extra 165 from Verizon for about US$5bn. Last November, the company agreed to buy more than 6,000 towers from Telecom Italia’s Brazilian unit in a R$3bn (US$1.2bn) deal and more than 4,800 towers in Nigeria from India’s Bharti Airtel for about US$1.05bn. That same month, American Tower closed its R$2.255bn (US$880m) purchase of Brazil’s BR Towers.
Indian reports in late 2014 said American Tower was close to acquiring a 51% stake in local towerco Viom Networks for up to US$1bn, saying it would merge Viom with ATC India. However, no deal has yet materialised.
American Tower was not immediately available for comment.
