This includes $2 billion (16,500 crore) enterprise value along with a 'ticking fee' accruing from October 1, 2023.
Earlier, Miami-based infrastructure investment group I Squared Capital was in talks to acquire ATC's tower assets in India at an enterprise value of around $1.5 billion-$1.75 billion.
The acquisition, which Brookfield is doing via its affiliate Data Infrastructure Trust (DIT), will make it the largest telecom tower operator in India, surpassing Indus Towers.
The deal, expected to close in the second half of 2024 subject to regulatory approvals, comes at a time when ATC India has been facing difficulties in running the tower business owing to dependency largely on just two telecom operators. Its largest client Vodafone Idea was defaulting on payments owing to its weak financial condition.
ATC took a $322-million (about 2,700 crore) goodwill impairment charge for its India unit in the July-September quarter owing to the challenging business environment in the country.
Brookfield, in its affiliate DIT, already owns two tower companies - Summit Digitel and Crest Digitel. ATC, which is Brookfield's third acquisition in the Indian telecom tower space, will also be included in DIT.
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