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American Tower Buys Vodafone And Idea's Telecom Towers For $1.2 Bn
14 November 2017, 12:42 | Kenneth Drake
Idea, Vodafone India to sell tower business to ATC Telecom Infrastructure
Shares of Idea Cellular today fell almost 4 per cent after the company posted a loss of Rs 1,106.80 crore for the second quarter this fiscal. Ltd for about $1.2 billion.
"The parties will work together to further the expansion of high speed mobile networks in India", the statement said. Reliance Jio, in which Ambani has invested $20 billion, launched its services in September.
Ever since it entered the market in September past year, Reliance Jio has been pursuing a strategy of slashing prices to attract subscribers. It will have nearly 400 million customers with 35% customer and 41% revenue market share.
Last month, Bharti Infratel said it is exploring the option of buying the residual stake in Indus Towers, jointly owned by Bharti, Idea and Vodafone India. It will have revenue of Rs81,600 crore and an operating profit of Rs24,400 crore.
Morgan Stanley was the financial adviser to Vodafone while DSP Merrill Lynch was the financial adviser to Idea Cellular.
The standalone tower business of both companies comprises a combined portfolio of about 20,000 towers with a tenancy ratio of 1.65 as on June 30, 2017. The merger, expected to be completed in 2018, is awaiting various approvals. In 2014-15, ICIS reported total income of Rs238 crore, according to filings with the Registrar of Companies. The sale of the tower business is likely to be completed in the first half of 2018.
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