Brookfield to acquire ATC India

Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management has announced the signing of an agreement with American Tower Corporation to acquire 100% of the equity interests in American Tower’s operations in India (ATC India), for an enterprise value of INR 165 billion (~$2 billion) which is subject to pre-closing terms as per the securities purchase agreement. The transaction is subject to regulatory approvals and is expected to close in the second half of 2024.  

ATC India is a high-quality portfolio of approximately 78,000 sites across India. This will be Brookfield’s third acquisition in the Indian telecommunications space. In 2022, Brookfield acquired a portfolio of 5,000 indoor business solution sites and small cell sites, which advances the rollout of 5G and enables telecom operators to extend their coverage capacity in difficult-to-access and dense areas. Brookfield also has a portfolio of roughly 175,000 towers that were acquired in 2020 from Reliance Industrial Investments and Holdings Limited. ATC India will be included in DIT, which includes the existing telecommunications assets. The acquired sites are expected to diversify DIT’s revenues and increase touch points with all mobile network operators in India. 

Arpit Agrawal, Managing Director, Head of Infrastructure, India & Middle East, at Brookfield, said, “We look forward to expanding and enhancing our existing telecom tower portfolio in India, which enables a broader array of solutions for our customers and partners. Through strategic acquisitions like ATC India, we remain deeply committed to empowering digital connectivity and transforming the telecom infrastructure landscape across the region.” 

In India, Brookfield has approximately $25 billion in assets under management across Infrastructure, Real Estate, Renewable Power & Transition and Private Equity.