Idea completes sale of tower arm

Idea Cellular has completed the sale of its wholly-owned towerco division Idea Cellular Infrastructure Services Limited (ICISL) to the Indian unit of American Tower Corporation (ATC). The transaction was closed with an enterprise value of INR40 billion (USD592.7 million) and included around 9,900 towers. Idea noted in its press release that Vodafone India has already completed the sale of its standalone tower business to ATC for around INR38.5 billion and that, following the merger of the two cellcos, around 6,300 co-located tenancies across the combined footprint will collapse into single tenancies over a two-year period, without payment of exit penalties. Going forward, Vodafone/Idea and ATC have agreed to treat each other as long-term preferred partners, subject to existing arrangements.