American Tower Corporation (ATC), an owner and operator of wireless and broadcast communication sites, today announced the closure of a Rs 2,100-crore share purchase agreement of Essar Telecom Infrastructure (ETIPL).
With this agreement ATC, through its wholly-owned subsidiary Transcend Infrastructure (TIL), has fully acquired ETIPL, in an all-cash deal, valued at Rs 2,100 crore, a statement issued here said.
The transaction represents the third tower acquisition in India by a member of the American Tower group since initiating operations in India in the fourth quarter of 2008, it said.
"With this transaction we transfer a vibrant tower company we built up, to a world-class tower infrastructure company like American Tower, who can take it to new heights as a significant participant in the growth of the Indian telecom industry," Essar Group's Director (Strategy and M&A) Vikash Saraf said.
ETIPL has a portfolio of 4,630 wireless communications tower sites, including a number of towers under construction. It has operations across 14 of the 23 telecom circles in India, the statement said.
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TIL is an indirect wholly-owned Indian subsidiary of American Tower Corporation, a leading independent owner and operator of more than 27,800 wireless and broadcast communication sites and distributed antenna systems globally, it said.
Commenting on the transaction, ATC's Executive Vice- President and President (Asia) Amit Sharma said the combined portfolio will significantly strengthen our unique ability and capacity to serve our wireless telecom customers.
Barclays Capital acted as Exclusive Financial Advisor to the Essar Group on this transaction, the statement said.
