NEW DELHI: Canada-based Brookfield Asset Management is set to acquire the Indian business of American Tower Corporation (ATC) for an enterprise value of $2 billion. In a press note, the company stated that the transaction is expected to close in the second half of 2024.
“We look forward to expanding and enhancing our existing telecom tower portfolio in India, which enables a broader array of solutions for our customers and partners. Through strategic acquisitions like ATC India, we remain deeply committed to empowering digital connectivity and transforming the telecom infrastructure landscape across the region,” said Arpit Agrawal, Managing Director, Head of Infrastructure, India and Middle East, at Brookfield.
The telecom tower operator ATC has a portfolio of approximately 78,000 sites across India. This marks Brookfield's third acquisition in the Indian telecommunications space. In 2022, Brookfield acquired a portfolio comprising 5,000 indoor business solution sites and small cell sites.
This move aimed to advance the rollout of 5G, enabling telecom operators to extend their coverage capacity in challenging-to-access and dense areas. In 2020, the company acquired 175,000 towers from Reliance Industrial Investments and Holdings Limited.
“ATC India will be included in DIT, which includes the existing telecommunications assets. The acquired sites are expected to diversify DIT’s revenues and increase touch points with all mobile network operators in India,” said Brookfield in a press note.
In India, Brookfield manages approximately $25 billion in assets across Infrastructure, Real Estate, Renewable Power, Transition, and Private Equity.