Vodafone completes sale of towers to ATC

4 Apr 2018

Vodafone India has completed the sale of its standalone tower business, comprising around 10,200 tower sites, to American Tower Corporation (ATC) for an enterprise value of INR38.5 billion (USD592.3 million), the Economic Times writes. The transaction forms part of a deal that will also see ATC snap up Idea Cellular’s tower firm (around 9,800 towers) for INR40 billion before Vodafone and Idea complete their long-awaited merger – scheduled to take place by 30 June 2018. The sale of their respective tower businesses forms a major part of the duo’s merger plans, allowing the pair to trim their debt burden and strengthen the financial position of the merged entity.

India, American Tower Corporation, Vodafone Idea (previously Idea Cellular), Vodafone India