Economy

American Tower Buys Vodafone And Idea's Telecom Towers For $1.2 Bn

American Tower Buys Vodafone And Idea's Telecom Towers For $1.2 Bn

Under the merger, the implied enterprise value for Vodafone India would be Rs. 82,800-crore while for Idea, it would be Rs. 72,200-crore.

"After Vodafone India and Idea have completed their merger, ~6,300 co-located tenancies of the two operators on the combined standalone tower businesses will collapse into single tenancies over a period of two years without the payment of exit penalties", according to an official statement read.

ATC Telecom is a network of 20,000 towers across India. Reliance Jio, in which Ambani has invested $20 billion, launched its services in September. Idea would get 40 billion rupees from the deal, while Vodafone will get the remainder, the company said.

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Vodafone India Ltd and Idea Cellular Ltd on Monday said that they have separately agreed to sell their standalone telecom tower businesses to ATC Telecom Infrastructure Pvt. Its offers of free voice calls and data plans, which continued for months, eroded the revenue and profits of competitors such as Idea and Bharti.

Morgan Stanley was the financial adviser to Vodafone while DSP Merrill Lynch was the financial adviser to Idea Cellular. Reports state that the deal is expected to close in 2018. Shares of Idea traded at Rs 94.90 a piece, down by 2.22% on the BSE in the early trading hours Monday which then went down by 5.62 per cent down at Rs 91.60 on BSE.

The standalone tower businesses of Vodafone and Idea comprise a combined portfolio of almost 20,000 towers.

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Indus-the biggest tower company-is a three-way joint venture among Idea, Vodafone and Bharti Airtel, which also controls Bharti Infratel.

American Tower said the latest acquisition would be immediately accretive to its adjusted funds from operations per share, with the deal expected to be completed in the first half of 2018, subject to regulatory approvals.

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