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ATC completes Rs 38-billion mobile tower deal with Vodafone India

According to government sources, the merger of Idea and Vodafone will be cleared after the closure of Idea's pending deal with ATC

Press Trust of India  |  New Delhi 

Vodafone
Vodafone

Telecom infrastructure firm (ATC) today announced that it has completed mobile tower purchase deal worth Rs 38 billion with through its Indian arm.

Infrastructure, a majority owned Indian subsidiary of ATC, has completed the transaction.

This is a previously announced acquisition of India's telecom site business, which consists of approximately 10,200 communications sites, for a total cash consideration of about Rs 38 billion, ATC said in a statement.

We are pleased to acquire this portfolio, which will complement our existing footprint and help us serve our tenants in as they expand in the coming years," ATC's EVP and President, Asia, said.

Completion of this deal brings the approval of and merger closer. The closure of approximately Rs 40 bn mobile tower sale deal between ATC and is now awaited.

According to government sources, the merger of and Vodafone will be cleared after the closure of Idea's pending deal with ATC.

"We expect regulatory processes to be completed by end of this month (for closure of deal with Idea). The is driving it. We are hopeful of completing the deal by May," Sharma said.

The purchase of Vodafone mobile towers adds nearly 10,200 mobile network sites to the existing Indian portfolio.

The two deals are expected to generate approximately Rs 21 billion in property revenue and approximately Rs 8 billion in gross margin during their first full year in ATC's portfolio, as per the announcement earlier made by the company.

First Published: Tue, April 03 2018. 12:15 IST
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