ATC close to acquiring ETIPL for $425 million US-based American Tower Corporation (ATC) is close to acquiring Essar Telecom Infrastructure Private Limited (ETIPL).
Reportedly, the deal will be signed for $425 million, while there will be a provision for ETIPL to scale up the tower count in the next 60 days. This is because ETIPL has some order backlog, which will be completed in about two months. Thereafter, the deal size may go up by about $25 million to $50 million. The deal is subject to approval from the Foreign Investment Promotion Board (FIPB). The acquisition, ATC’s third in India in less than a year, will take the company’s tower count to around 6,500. It currently has 2,300 towers in India, of which over 2,000 were acquired through the purchase of XCEL Telecom and Transcend Infrastructure in 2009.
