American Tower Corporation (ATC) has completed the purchase of Vodafone India’s mobile towers in India – in a deal valued at Rs 3,800 crore.
Vodafone India has sold 10,200 telecom sites to ATC as part of its strategy to merge with rival Idea Cellular.
“The Vodafone deal will complement our existing footprint and help us serve our tenants in India as they expand 4G services in the coming years,” Amit Sharma EVP and president at ATC Asia, said.
The closure of approximately Rs 4,000-crore mobile tower sale deal between ATC and Idea Cellular is now awaited, PTI reported.
The merger of Idea Cellular and Vodafone India will be cleared after the closure of Idea Cellular’s pending telecom tower deal with ATC. Vodafone and Idea Cellular are the second and largest telecom operators in India.
The purchase of Vodafone mobile towers adds nearly 10,200 mobile network sites to the existing Indian portfolio of ATC.
ATC earlier said the two telecom tower deals are expected to generate Rs 2,100 crore in property revenue and Rs 800 crore in gross margin during their first full year in ATC India’s portfolio.
