ATC Telecom Infrastructure, a majority-Indian subsidiary of ATC, has finalized the acquisition of Vodafone India’s telecom sites business, which has about 10,200 communications sites, ATC said in a statement.
“We are excited to secure this portfolio, which will complement our current footprint and help us serve our tenants in India as they expand their 4G in the coming years,” said Amit Sharma, executive vice president and president, Asia, ATC.
The final touch of this agreement brings the approval of the merger of Idea and Vodafone one one step closer. A mobile tower sale deal worth around Rs 4 billion between ATC and Idea is now expected to be concluded. According to government sources, the merger of Idea and Vodafone will be cleared following the conclusion of the ongoing agreement between Idea and ATC.
“We expect the regulatory processes to be finalized by the end of this month (for finalization of the deal with Idea). The Telecom Ministry is the pilot. We hope to conclude the deal by May,” Sharma said.
The acquisition of Vodafone’s cell towers adds approximately 10,200 cellular network sites to the existing Indian portfolio. The two deals are expected to generate around Rs 2. 1 billion in real estate revenue and around Rs 800 crore in gross margin in its first full year in ATC’s portfolio, in line with the company’s earlier announcement.
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