Essar sells towers business to American Tower for $450 million

The diversified Indian industrial group sells 100% of its telecom towers business to American Tower in a deal that specialists say represents good value for both buyer and seller.

Indian conglomerate Essar Group has sold its telecommunications towers business to a subsidiary of Boston-based American Tower for $450 million, in the second tower deal in India year-to-date.

Essar owns 4,500 towers and the deal has been transacted at a value of $100,000 per tower, broadly in the same range as the price at which the Aircel sale to GTL Infrastructure was transacted last month. However, some specialists said Essar's towers have more attractive tenancy parameters, making this...

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