ATC to Buy Tower Assets From Vodafone, Idea for $1.2 Billion

Idea Cellular, Vodafone to sell tower businesses to ATC Telecom for ...

"The receipt of these proceeds prior to completion was anticipated and provided for in the merger agreement and hence would not affect the agreed terms of the Vodafone India and Idea merger, including the amount of debt which Vodafone will contribute to the combined company at completion", the statement read.

Vodafone India has also agreed to sell its standalone tower business to ATC Telecom for an enterprise value of 38.50 billion rupees. "The parties will work together to further the expansion of high speed mobile networks in India", the statement mentioned.

ATC Telecom is a network of 20,000 towers across India.

During this low demand period, the sequential quarterly voice minutes grew by 1.7% to 255 billion minutes and mobile data volume (2G+3G+4G) witnessed strong sequential growth of 73.5%.

In Mar'17, Vodafone India and Idea announced a merger to create India's largest mobile operator worth over Rs. 1.5 lakh crore, with 35% market share. Reliance Jio, in which Ambani has invested $20 billion, launched its services in September.

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In the event that the completion of the sale of the standalone telecom tower businesses precedes the completion of the proposed Idea-Vodafone, Vodafone India will receive $592 million, while Idea will get $615 million.

Vodafone will net $592m from the deal with Indian partner Idea Cellular receiving $615m. Stock of Idea was trading 5.62 per cent down at Rs 91.60 on the BSE in early trade.

Media reports have said KKR & Co LP, which along with Canada Pension Plan Investment Board, already owns over a 10th of Bharti Infratel, the only publicly-traded mast operator in India, is leading a group of investors to take control of the company.

American Tower said the latest acquisition would be immediately accretive to its adjusted funds from operations per share, with the deal expected to be completed in the first half of 2018, subject to regulatory approvals.

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