This acquisition marks a significant shift in India's tower landscape as the consortium takes over approximately 77,712 telecom towers from ATC, further consolidating its presence in the country.
Proceeds are expected to be used to repay American Tower’s existing indebtedness, including the repayment of the existing India term loan at closing.
The Brookfield-led group includes major investors like British Columbia Investment Management Corporation (BCI) and Singapore's GIC. Together, they have acquired nearly a third of ATC’s global portfolio, as the company held around 224,000 telecom sites globally before this sale. While ATC's exit from India will lead to a reduction in its workforce, the exact number of job cuts has not been disclosed. The move signals a broader retreat for ATC in the APAC region as it readjusts its global strategy, despite having worked with leading Indian telecom companies like Bharti Airtel, Reliance Jio, and Vodafone Idea.
Earlier in the week, ATC sold its property portfolio in both Australia and New Zealand to both Waveconn and Connexa. The agreements are comprised of land under mobile towers and building rooftops.
The buyer, Data Infrastructure Trust (DIT) - which houses Brookfield’s other telecom tower and related infrastructure investments in India: Summit Digitel, Crest Digitel and Roam Digitel now oversees a combined total of 257,000 telecom sites across India, solidifying its position as the largest telecom infrastructure provider in the country under the new brand name, Altius. This acquisition strengthens Brookfield’s expanding footprint in India’s fast-growing telecom sector, following its previous investments in the industry. In 2020, Brookfield purchased 175,000 towers from Reliance Industrial Investments, and in 2022, it acquired indoor business solution sites, further underscoring its commitment to India’s digital infrastructure.
Arpit Agrawal, Managing Partner at Brookfield, highlighted the strategic importance of the acquisition, pointing out that it enhances the consortium's presence in India's rapidly evolving telecom market. Munish Seth, Group Managing Director at Data Link, emphasised that Altius’s expanded scale and capabilities would not only benefit investors but also improve telecom services in the country.
This move aligns with Brookfield’s broader strategy in India, where the firm manages assets worth approximately US$29 bn across sectors such as infrastructure, real estate, and renewable energy. The acquisition of American Tower’s Indian operations marks another significant step for Brookfield in becoming a dominant player in India’s telecom infrastructure.
Meanwhile, American Tower’s exit from India comes after a period of financial restructuring, which included a US$322mn goodwill impairment charge related to the decision to divest its India assets. Although ATC derived 88% of its Asia Pacific revenue from its Indian operations, it has chosen to shift focus to other markets.
With the completion of this acquisition, Brookfield has now overtaken Indus Towers, which currently operate 225,910 sites as of September 2024, to become India’s largest mobile tower operator. This deal is expected to accelerate telecom connectivity across India, enhancing the nation’s digital infrastructure and supporting the growing demand for mobile and data services.
