Vodafone India announced that it has completed the sale of its standalone tower business in India to ATC Telecom Infrastructure (ATC), a majority owned Indian subsidiary of ATC, for an enterprise value of INR 38.5 billion (€ 478 million).
In the recent Vodafone India / Idea merger announcement, both parties announced their intention to sell their individual standalone tower businesses to strengthen the combined financial position of the merged entity.
Last November, ATC announced its intention to acquire 20,135 telecom towers held by Vodafone India and Idea Cellular for about $1.2 billion.
The merger is expected to complete in the first half of the current calendar year. Completion of Idea’s sale of its standalone tower business to ATC is also expected in the first half of this calendar year.