Vodafone India and Idea Cellular to sell standalone tower businesses to ATC for $1.2 billion

Vodafone India and Idea Cellular have separately agreed to sell their respective stand-alone tower businesses in India to American Tower Corporation Telecom Infrastructure Private Limited (ATC TIPL) for an aggregate enterprise value of $1.2 billion. Vodafone India and Idea Cellular are currently in the process of merging their operations, and this is expected to be completed in 2018. The merger is currently awaiting approvals from various authorities. As per the terms of the agreement with ATC, Idea Cellular will sell its entire stake in Idea Cellular Infrastructure Services Limited to ATC TIPL while Vodafone India will sell a business undertaking. The transaction is expected to take place during the first half of 2018, and is subject to customary closing conditions and the receipt of necessary regulatory approvals. In case the completion of the sale of the stand-alone tower businesses precedes the completion of the proposed merger of Vodafone India and Idea, Vodafone India will receive $592 million and Idea will receive $615 million.