Brookfield to buy American Tower Corp’s India business for $2 bn
Vodafone Idea and will be entitled to receive future payments related to existing ATC India receivables, it said. “Proceeds from the transaction are expected to be used to repay American Tower’s existing indebtedness." The acquisition further diversifies Brookfield’s existing portfolio of about 175,000 towers it acquired from Reliance Industrial Investments in 2020.
In 2022, the asset manager also acquired a portfolio of 5,000 indoor business solution sites and small cell sites, which advances the rollout of 5G and enables telecom operators to extend their coverage capacity in difficult-to-access and dense areas. The agreement comes at a time when India has witnessed a growing number of tech-savvy internet users driven by an increase in accessibility coupled with a greater penetration of affordable mobile devices and government-driven initiatives.
Overall, in India, Brookfield has about $25 billion in assets under management across infrastructure, real estate, renewable power & transition and private equity, the statement said. The transaction, which is awaiting regulatory approvals, is expected to close in the second half of this year.Milestone Alert!
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