ATC completes Rs 3,800-cr tower deal with Vodafone

NEW DELHI: American Tower Corporation (ATC) on Tuesday said it has completed mobile tower purchase deal worth Rs 3,800 crore with Vodafone India through its Indian arm. ATC Telecom Infrastructure, a majority owned Indian subsidiary of ATC, has completed the transaction. This is a previously announced acquisition of Vodafone 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. “We are pleased to acquire this portfolio, which will complement our existing footprint and help us serve our tenants in India as they expand 4G services in the coming years,” ATC’s EVP and President, Asia, Amit Sharma said. Completion of this deal brings the approval of Idea and Vodafone merger closer. The closure of approximately Rs 4,000-crore mobile tower sale deal between ATC and Idea is now awaited. PTI