GTL Infrastructure will complete the acquisition of Aircel’s tower operations by May for a total of US$1.8bn, according to reports.
The deal will involve GTL taking on around US$1bn in debt, which it will probably then refinance.
GTL will undertake the…
GTL Infrastructure will complete the acquisition of Aircel’s tower operations by May for a total of US$1.8bn, according to reports.
The deal will involve GTL taking on around US$1bn in debt, which it will probably then refinance.
GTL will undertake the transaction via a SPV.
The cash segment will consist of US$365m from GTL Infrastructure’s internal cash, US$215m from group firm GTL Ltd and another US$215m from holding company Global Holding Corp.
Once the deal is complete, GTL Infrastructure’s debt-to-equity ratio will stand at 1:8.
Aircel, 74% owned by Maxis Communications, is being advised by Standard Chartered, Nomura and Rothschild.
GTL currently holds around 11,000 towers. Aircel possesses 17,500.
Other firms in the hunt for Aircel’s tower assets included ATC, Crown Castle, Bharti Infratel and Tata-Quippo.