Transcend Infrastructure Limited (TIL) wholly owned Indian subsidiary of American Tower Corporation today announced that they have entered into a definitive share purchase agreement with three Indian companies of the Essar Group to acquire substantially the entire issued share capital of Essar Telecom Infrastructure Private Limited (ETIPL) in an all cash deal.
The Transaction values ETIPL at an enterprise value of approximately Rs 2000 crores, and is subject to certain post closing adjustments. The Transaction is subject to certain pre-completion requirements and is expected to be completed in approximately 3 months.
Commenting on the Transaction Amit Sharma, Executive Vice President and President Asia of ATC said: “The addition of ETIPL to American Tower ’s existing Indian operations will significantly strengthen our ability to serve our telecom customers; this will help them in enhancing their network coverage and in launching new technologies like 3G and WIMAX.”
ETIPL is one of India ’s largest independent tower companies with a portfolio of approximately 4,450 wireless communications tower sites including a number of towers under construction. They operate across 12 of the 22 telecom circles in India and have an industry leading tenancy ratio of 1.8x.