10:09 am - Thursday August 21, 2014

ATC to buy Essar telecom

Transcend Infrastructure Limited (TIL), an indirect wholly-owned Indian subsidiary of the American Tower Corporation (ATC), today said it had agreed to acquire the entire issued share capital of Essar Telecom Infrastructure Private Ltd (ETIPL) for about Rs 2000 crore in an all-cash deal.

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The transaction values ETIPL at an enterprise value of approximately Rs 2000 crores, and is subject to certain post closing adjustments as well as pre-completion requirements. It is expected to be completed in about three months,

Transcend is engaged in the business of owning and operating wireless towers and other related passive infrastructure in India. American Tower Corporation, based in Boston in the United States, is a leading independent owner and operator of wireless and broadcast communication sites. The company currently owns and operates over 27,000 sites in the US and in Mexico, Brazil and India.

“ETIPL is one of the pioneers in the wireless tower outsourcing business and has over the past few years built a substantial portfolio of attractive and well located towers, a marquee client base and one of the highest tenancy ratios in the business

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