US-based I Squared Capital is finalising the terms to acquire around 65 per cent stake in American Tower Corporation’s (ATC) India unit, ATC Telecom Infrastructure Private Limited, at an enterprise value of around $1.5 billion-$1.75 billion.
ATC had originally planned to divest 50 per cent of its India operations and had mandated Citi to advise on the divestment. However, potential investors were not keen on a co-control model, forcing ATC to revise its plan and agree on relinquishing majority ownership.
As per the terms, ATC will retain the residual stake. A formal announcement regarding the acquisition is expected by early December 2023.