Summary
American Tower Corporation (AMT) announced on August 6, 2010, the successful closure of a significant acquisition. The company has acquired substantially all shares of Essar Telecom Infrastructure Private Limited (ETIPL), an Indian company, for approximately $430 million in cash. This strategic move significantly expands AMT's global footprint and tower portfolio. The acquisition includes over 4,600 wireless communications tower sites in India, along with towers currently under construction. This move positions AMT to capitalize on the growing demand for mobile infrastructure in a key emerging market, bolstering its long-term growth prospects.
Key Highlights
- 1American Tower Corp. acquired Essar Telecom Infrastructure Private Limited (ETIPL) for approximately $430 million in cash.
- 2The acquired entity, ETIPL, is an Indian company.
- 3The transaction included substantially all issued and outstanding shares of ETIPL.
- 4The acquisition comprises over 4,600 wireless communication tower sites.
- 5The deal also includes towers that were under construction at the time of acquisition.
- 6This acquisition represents a significant expansion of AMT's international presence, particularly in India.