American Tower To Sell India Business To Brookfield Asset Management In $2.5 Bln Deal

(RTTNews) - American Tower Corp. (AMT) said it has signed an agreement with Data Infrastructure Trust, an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management (BAM, BAM.TO), by which Data Infrastructure Trust will acquire 100% of the equity interests in American Tower's operations in India or "ATC India".

Data Infrastructure Trust currently houses Brookfield's telecom tower businesses in India through Summit Digitel and Crest Digitel. Total cash proceeds to American Tower at closing, subject to certain pre-closing terms, would potentially represent up to about INR 210 billion or $2.5 billion at today's exchange rates.

The transaction is subject to customary closing conditions, including government and regulatory approvals, and is expected to close in the second half of 2024.

Furthermore, American Tower will retain the full economic benefit associated with the optionally converted debentures issued by Vodafone Idea and will be entitled to receive future payments related to existing ATC India receivables. Proceeds from the transaction are expected to be used to repay American Tower's existing indebtedness.