In one of the biggest transactions in the telecommunications sector, American Tower Corp (ATC), which owns and runs telecommunications infrastructure, said it will buy 51 per cent stake in Viom Networks, and merge its own assets. The total cash consideration will be about $1,170 million.
American Tower will combine its portfolio of 14,000 communications towers in India with Viom’s estate of about 42,200 — creating the second-biggest Indian mobile mast operator by number of towers.
“Under the agreement, American Tower may acquire or be required to acquire all or a portion of the remaining 49 per cent ownership stake in Viom. Additionally, the parties have agreed that, post-closing, American Tower’s existing Indian portfolio of approximately 14,000 towers will be merged with Viom, resulting in certain ownership adjustments,” the company said in a statement.
Viom Networks is a joint venture between Tata Teleservices, and Quippo, part of Srei Group, while ATC is a US-listed Real Estate Investment Trust that owns and operates communications infrastructure.Tagged: United States, Investment, Digital India, Communications