Small India update at $AMT (+1.25%)

--American Tower Corporation (NYSE: AMT) ("American Tower") has signed a definitive agreement with Data Infrastructure Trust ("DIT"), an infrastructure investment trust sponsored by an affiliate of Brookfield Asset Management (NYSE: BAM, TSX: BAM) ("Brookfield"), pursuant to which DIT will acquire 100% of the shares of American Tower's operations in India ("ATC India"). DIT currently hosts Brookfield's telecom tower businesses in India through Summit Digitel and Crest Digitel. The total cash proceeds to American Tower at closing, subject to certain pre-closing conditions, would potentially be up to approximately INR 210 billion, or USD 2.5 billion at today's exchange rates. The transaction, which reflects the completion of the previously announced strategic review of American Tower's operations in India, is subject to customary closing conditions, including government and regulatory approvals, and is expected to close in the second half of 2024.

The total cash proceeds include an enterprise value of the ATC India businesses of approximately USD 2.0 billion plus a processing fee that will accrue from October 1, 2023 through the closing date. The proceeds associated with the enterprise value assume the repayment of existing intercompany debt and the repayment or assumption by DIT of the existing term loan to India. In addition, taking into account the total potential cash proceeds, American Tower will retain the full economic benefit associated with the optionally convertible debentures (OCDs) issued by Vodafone Idea and will be entitled to future payments related to existing ATC India receivables. The proceeds from the transaction are expected to be used to repay American Tower's existing debt.

https://www.americantower.com/press-releases