American Tower Corp. has announced a major deal that will see the US networking company sell its operations in India to an affiliate of Brookfield Asset Management for a whopping $2.5 billion.
The agreement, which is expected to close in the second half of 2024, was confirmed by American Tower Corp. The company stated that it had struck a deal to sell the business to an infrastructure investment trust backed by an affiliate of Brookfield’s, as reported by Bloomberg Terminal.
This move marks a significant development in the telecommunications and networking industry, as American Tower Corp. looks to streamline its operations and focus on its core business interests. The sale of its operations in India to Brookfield demonstrates the company’s strategic decision to realign its assets and resources in order to enhance its overall market position.
The acquisition by Brookfield Asset Management’s affiliate indicates the company’s continued interest and investment in the Indian market, particularly in the infrastructure and telecommunications sectors. This deal further solidifies Brookfield’s presence in India and underscores its commitment to expanding its portfolio in the country.
The transaction is expected to have a far-reaching impact on the industry and is likely to open up new opportunities for both American Tower Corp. and Brookfield Asset Management in the Indian market. The deal is also anticipated to bring about changes in the competitive landscape of the telecommunications and networking sector in India.
As the deal progresses towards its closing in 2024, industry experts and stakeholders will be closely monitoring the developments and its potential implications for the broader market. The successful completion of this transaction could pave the way for further collaborations and investments in the Indian telecommunications industry, signaling a new chapter of growth and expansion for the companies involved.