American Tower Corp nears deal to buy Tower Vision for Rs3,200 crore: report
29 May 2013
American Tower Corp (ATC) is close to buying Gurgaon-based Tower Vision, for Rs3,200 crore ($572 million), The Economic Times today reported, citing two people familiar with the developments.
The report said that the deal is expected to close within the next two months.
TowerVision, which is jointly owned by a group of international investors, including Israel's Fore Group and private equity firm Quadrangle, has about 8,000 towers, and ATC is offering Rs40 lakh per tower.
Tower Vision has been trying to sell its business since December 2010 and had entered into talks with GTL Infrastructure, American Tower, and US private equity firm Carlyle Group, but is reported to have rejected their low-ball offers.
Boston-based ATC, one of the world's largest and most profitable tower companies, currently owns about 10,000 tower sites in India and around 55,000 globally.
After entering in 2007, New York-listed ATC acquired XCel Telecom, Transcend and Essar Telecom's towers.