American Tower Corporation has signed a definitive agreement to sell its operations in India (ATC India) to Data Infrastructure Trust (DIT), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management.
DIT now houses Brookfield’s telecom tower businesses in India through Summit Digitel and Crest Digitel. Total cash proceeds to American Tower at closing, subject to certain pre-closing terms, potentially represent up to about INR 210 billion, or $2.5 billion at today’s exchange rates. The transaction, which reflects the completion of the previously announced strategic review of American Tower’s operations in India, is subject to customary closing conditions, including government and regulatory approvals, and is expected to close in the second half of 2024.
Total cash proceeds include an enterprise value on the ATC India operations of about $2 billion, plus a ticking fee that accrues from Oct. 1, 2023 to the date of closing. Proceeds
