Vodafone India and Idea sell their standalone towers to ATC for $1.2 billion

Vodafone India and Idea Cellular have separately agreed to sell their respective standalone tower businesses to American Tower Corporation Telecom Infrastructure Private Limited (ATC TIPL) for an aggregate enterprise value of $1.2 billion. As per the terms of the agreement, Idea 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.