American Tower to Offload India Operations to Brookfield for $2.5 Billion

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Brookfield, a Canada-based firm, is set to acquire the Indian operations of American Tower Corporation (ATC) in a deal valued at USD 2 billion, pending regulatory approvals with the expected closure in the second half of 2024. The acquisition will be executed through Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by Brookfield Asset Management’s affiliate. The agreement involves purchasing 100% of equity interests in ATC’s Indian operations, known as ATC India, for an enterprise value of Rs 16,500 crore (USD 2 billion), subject to pre-closing terms.

ATC India manages a portfolio comprising around 78,000 sites across the country. This marks Brookfield’s third venture in the Indian telecommunications sector. In 2022, the company acquired a portfolio of 5,000 indoor business solution sites and small cell sites, facilitating 5G rollout and aiding telecom operators in extending coverage in challenging and densely populated areas. Brookfield had also acquired a portfolio of nearly 175,000 towers in 2020 from Reliance Industrial Investments and Holdings Ltd.

ATC India will be integrated into DIT, which already houses existing telecommunications assets. Arpit Agrawal, Managing Director and Head of Infrastructure for India and the Middle East at Brookfield, expressed anticipation for expanding and enhancing their telecom tower portfolio in India. He emphasized the commitment to empowering digital connectivity and transforming the telecom infrastructure landscape in the region through strategic acquisitions like ATC India. Brookfield currently manages approximately USD 25 billion in assets across Infrastructure, Real Estate, Renewable Power & Transition, and Private Equity in India.