American Tower Corp. (ATC) announced on Friday that its Indian subsidiary Transcend Infrastructure had completed the acquisition of Indian tower company Essar Telecom Infrastructure (ETIPL) from the Essar Group for Rs2,100 crore (US$450m).
According to a…
American Tower Corp. (ATC) announced on Friday that its Indian subsidiary Transcend Infrastructure had completed the acquisition of Indian tower company Essar Telecom Infrastructure (ETIPL) from the Essar Group for Rs2,100 crore (US$450m).
According to a statement released by both companies, this deal is the third tower acquisition in India by the American Tower Group since it began operating in India at the end of 2008. This transaction gives American Tower access to ETIPL’s portfolio of more than 4600 wireless communication tower sites and several other towers under construction. The portfolio also includes sites in 14 of the 23 telecom circles in India, the statement read.
“The combined portfolio will significantly strengthen our unique ability and capacity to serve our wireless telecom customers, enhance their network coverage, reduce their capex and opex, and help launch new technologies like 3G and WIMAX,” Amit Sharma, executive vice president and president Asia of ATC, said in the statement.
Barclays Capital acted as exclusive financial adviser to the Essar Group on this transaction.
