GTL Infrastructure has struck an agreement to acquire Aircel’s tower assets for US$1.8bn.
GTL will finance the deal partly through a US$744.8m equity issue and the remainder from a syndicated loan facility led by SBI Capital Markets.
The purchase…
GTL Infrastructure has struck an agreement to acquire Aircel’s tower assets for US$1.8bn.
GTL will finance the deal partly through a US$744.8m equity issue and the remainder from a syndicated loan facility led by SBI Capital Markets.
The purchase consists of 17,500 telecoms towers and 21,000 active tenants on these towers. Aircel has also committed to the transfer of an additional 20,000 sites to GTL by 2013.
GTL now has a total portfolio of over 32,500 towers across all 23 telecom circles in India.
Two other home grown firms and two American companies – Bharti Infratel, Tata-Quippo, ATC and Crown Castle – were also in the hunt.
Aircel, 74% owned by Maxis Communications, is being advised by Standard Chartered, Nomura and Rothschild.
GTL has forecast revenues of US$394m and EBITDA of US$262m for 2011.
