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Vodafone has completed the sale of its Indian tower unit to ATC Telecom Infrastructure Private Limited (ATC) in a deal worth INR 38.5 billion (€478 million).
The sale of its tower arm was agreed as part of Vodafone’s agreement to merge its Indian operation with rival Idea Cellular – a merger that will make a new market leader in the country.
ATC, which is a majority-owned subsidiary of American Tower, will also snap up Idea’s 8,886-strong tower business in a separate deal expected to be completed in the first half of this calendar year.
The Vodafone deal sees ATC add 10,200 towers in India, significantly boosting its footprint in the country. It already owned more than 58,000 towers following the acquisition of Viom Networks in October 2015.
Overall, the acquisition...