The American Tower Corporation (ATC) plans to buy approximately 20,000 stand-alone towers of Vodafone India and Idea Cellular in an all-cash deal valued at just over $1 billion. Vodafone India and Idea Cellular have decided on a combined sale of their stand-alone towers to ATC after negotiations with Brookfield Asset Management and IDFC Project Equity fell through due to differences over valuation of the assets. The sale of Vodafone India’s 10,926 towers and Idea Cellular’s 8,886 towers are being managed by Morgan Stanley and Bank of America-Merrill Lynch respectively. Vodafone India and Idea Cellular are reportedly looking to sell their stakes in Indus Towers as well.
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