American Tower exist Indian market with $2.5bn deal
American Tower Corporation (NYSE: AMT) (American Tower) has closed the previously announced sale of 100% of the equity interests in its operations in India (ATC India) to Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management (NYSE: BAM, TSX: BAM).
Total cash proceeds to American Tower associated with the transaction represents approximately Rs.210 billion, or US$2.5 billion.
Total cash proceeds include approximately US$320 million associated with the monetization of optionally converted debentures issued by Vodafone Idea and payments on ATC India receivables, net of withholding tax, and approximately US$2.2 billion of final proceeds at closing.
Such proceeds are expected to be used to repay American Tower’s existing indebtedness, including the repayment of the existing India term loan at closing. No further proceeds associated with this transaction are anticipated.
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of nearly 148,000 communications sites (excludes India assets sold) and a highly interconnected footprint of US data centre facilities. Fiinews.com
