Under deal, the company will add about 20,000 communications sites to its existing Indian portfolio.
Also, Vodafone India and Idea Cellular - which are slated to merge soon - have chose to sell their respective tower businesses in India to ATC Telecom Infrastructure for Rs 7,850 crore. "The parties will work together to further the expansion of high speed mobile networks in India", the statement mentioned.
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The deal follows challenges for the blue-chip telco in India, with the entry of rival Reliance Jio sparking a price war in the country's telecoms market.
The sale of tower businesses by the mobile operators comes after cut-throat pricing unleashed by new entrant Reliance Jio Infocomm, backed by billionaire Mukesh Ambani's Reliance Industries, roiled the industry.
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Through a BSE filing on Monday, Idea and Vodafone stated the pan-Indian telecom tower business comprising 20,000 towers with c combined tenanct ratio of 1:1.65 will be sold to ATC, formerly known as Viom. Upon completion of the sale of tower businesses, Vodafone India will receive $592 million and Idea will receive $615 million. The merger is expected to be completed in 2018.
Indus-the biggest tower company-is a three-way joint venture among Idea, Vodafone and Bharti Airtel, which also controls Bharti Infratel. In March 2017, Vodafone India and Idea Cellular announced the merger, which will create India's leading operator worth more than $23 billion with a 35 percent market share. Accordingly, private equity funds KKR and Canadian Pension Plan Investment Board (CPPIB) had emerged as the top contenders.
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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.