Tata Teleservices (TTSL), the mobility division of Tata Sons, will pay American Tower Corporation (ATC) $320 million (Rs 2400 crore) as a one-time cash settlement for prematurely winding up some 30,000-odd tenancies after deciding to sell its mobility business to Bharti Airtel. Tata Tele will also sell 13%, or half of its 26% holdings, in ATC Telecom Infrastructure Pvt Ltd (ATC TIPL), to the US tower company, which will also buy IDFC’s 2% stake, for a combined Rs2,940 crore, according to a regulatory filing by the tower company late Tuesday night.Effectively, this means that ATC has picked up the additional Tata and IDFC stakes for roughly Rs 540 crores. — The Economic Times

AZB & Partners advised American Tower Corporation led by a team of partner Gautam Saha, and associates Swati Chauhan and Aditi Aggarwal.

2018-10-31

Deal value: $400m / INR 29400m

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