Indus Towers (Neutral, pt INR 265, +18%) AMT sells Indian Towers - Implications for Indus Towers
American Tower ("AMT") has agreed to sell its Indian Towers business, ATC India, to an affiliate of Brookfield Asset Management, with the deal expected to close in 2H 2024. The transaction values the Indian business at US$ 2 bn which implies a 5.6x EV/EBITDA, 17% above Indus’ trading multiple, but in line with our target multiple.Bharti Infratel provides telecom tower infrastructure in India. Co. acquires, builds, owns, operates, and manages towers and related infrastructure for wireless telecommunications service providers. As of Mar 31 2014, Co. owned and operated 83,368 towers and 167,202 co-locations in 22 telecommunication circles.
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