Brookfield-sponsored Tower Infrastructure Trust (Tower InvIT) has acquired Space Teleinfra Private Limited (STIPL) for an equity consideration of Rs 9 billion (subject to closing adjustments) and additional milestone-based considerations, which will be funded through a combination of cash and units of Tower InvIT to be issued to the selling shareholders.

As per a joint statement by the two companies, STIPL’s shareholders will receive consideration through a combination of cash and units in Brookfield-sponsored Tower InvIT by a preferential allotment of units.

By acquiring STIPL, Tower InvIT will be able to provide customers with a wide range of passive telecommunication infrastructure services, including macro towers and indoor solutions.

The acquisition is expected to close in the second half of 2021, subject to customary closing conditions and regulatory approvals.