American Tower set to sell off India unit for $2.5 billion
Its only real competitor in Ghana, Helios Towers controls just a small fraction of the market. It is still not clear which company will sell to, if they indeed decide to finally leave Ghana.
Telecoms infrastructure company American Tower has reportedly agreed to sell its operations in India to an affiliate of Brookfield Asset Management for $2.5 billion, following a strategic review of the unit.
The buyer is Data Infrastructure Trust (DIT), an entity which houses the investment company’s own tower assets in India.
American Tower’s unit in India, ATC India, launched in 2007 and currently has around 75,000 sites. In its Q3 2023 financial results, the US-based player announced a $322 million goodwill impairment after receiving third party valuations on ATC India during its strategic review.
At the time it indicated a sale of the business was an option on the table.
In its statement on the agreement DIT highlighted it represented Brookfield’s third acquisition of assets related to the telecoms industry in India. Other buys were 5,000 “indoor business solution sites and small cell sites” purchased in 2022 and 175,000 towers acquired in 2020.
Brookfield head of infrastructure for India and the Middle East Arpit Agrawal said: “Through strategic acquisitions like ATC India we remain deeply committed to empowering digital connectivity and transforming the telecom infrastructure landscape across the region.”
The deal is subject to regulatory approval and is expected to close in the second half of 2024.
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