American Tower Completes Strategic Review, Announces Agreement to Sell Operations in India to Brookfield
05 1월 2024 - 12:00PM
Business Wire
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
equity interests in American Tower’s operations in India (“ATC
India”). DIT currently houses Brookfield’s telecom tower businesses
in India through Summit Digitel and Crest Digitel. Total cash
proceeds to American Tower at closing, subject to certain
pre-closing terms, would potentially represent up to approximately
INR 210 billion, or $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.
Total cash proceeds include an enterprise value on the ATC India
operations of approximately $2.0 billion, plus a ticking fee that
accrues from October 1, 2023, to the date of closing. Proceeds
associated with the enterprise value assume the repayment of
existing intercompany debt and the repayment, or assumption, of the
existing India term loan, by DIT. Furthermore, and considered
within the total potential cash proceeds above, American Tower will
retain the full economic benefit associated with the optionally
converted debentures (OCDs) issued by Vodafone Idea and will be
entitled to receive future payments related to existing ATC India
receivables. Proceeds from the transaction are expected to be used
to repay American Tower’s existing indebtedness.
Citi is serving as lead financial advisor and CDX Advisors is
serving as financial advisor to American Tower. Talwar Thakore
& Associates (TT&A) is serving as principal legal advisor
to American Tower.
About American Tower
American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant
communications real estate with a portfolio of nearly 225,000
communications sites and a highly interconnected footprint of U.S.
data center facilities. For more information about American Tower,
please visit the “Investor Relations” section of the Company’s
website, www.americantower.com.
Cautionary Language Regarding Forward-Looking
Statements
This press release contains “forward-looking statements”
concerning the Company’s goals, beliefs, expectations, strategies,
objectives, plans, future operating results and underlying
assumptions and other statements that are not necessarily based on
historical facts. Examples of these statements include, but are not
limited to, statements regarding the proposed closing of the
transaction described above, the ability to satisfy the closing
conditions of the transaction described above, expected use of the
proceeds to repay existing indebtedness and the expected
consideration for the transaction described above. Actual results
may differ materially from those indicated in the Company’s
forward-looking statements as a result of various factors,
including those factors set forth in Item 1A of its Form 10-K for
the year ended December 31, 2022, as updated in its Form 10-Q for
the six months ended June 30, 2023, under the caption “Risk
Factors.” The Company undertakes no obligation to update the
information contained in this press release to reflect subsequently
occurring events or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20240104569054/en/
ATC Contact: Adam Smith Senior Vice President,
Investor Relations Telephone: (617) 375-7500
American Tower (NYSE:AMT)
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부터 4월(4) 2024 으로 5월(5) 2024
American Tower (NYSE:AMT)
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부터 5월(5) 2023 으로 5월(5) 2024