Indian conglomerate Essar Group has sold its telecommunications towers business to a subsidiary of Boston-based American Tower for $450 million, in the second tower deal in India year-to-date.
Essar owns 4,500 towers and the deal has been transacted at a value of $100,000 per tower, broadly in the same range as the price at which the Aircel sale to GTL Infrastructure was transacted last month. However, some specialists said Essar's towers have more attractive tenancy parameters, making this a better deal for the buyer.
The $450 million price tag comprises an equity value of $300 million with American Tower taking on the remaining $150 million through debt already on...
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