A definitive agreement was signed between American Tower and Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by Canada-based Brookfield Asset Management. Under the agreement, DIT will acquire 100% of the equity interests in American Tower’s operations in India (ATC India). At closing, the total cash proceeds to American Tower could reach approximately INR 210 billion, equivalent to $2.5 billion.
Brookfield's telecom tower businesses in India, managed through Summit Digitel and Crest Digitel under DIT, position the company to become the largest manager of telecom towers in India after its third acquisition in the country's telecom sector.
Despite the acquisition, American Tower will retain the full economic benefit associated with the optionally converted debentures (OCDs) issued by Vodafone Idea. Additionally, American Tower will be entitled to receive future payments related to existing ATC India receivables. Notably, Vodafone Idea is the anchor tenant on the majority of American Tower’s sites.
The transaction, representing the completion of the previously announced strategic review of American Tower’s operations in India, is expected to be completed in the second half of 2024.
