$850 Billion Brookfield Asset Management Affiliate Sponsored Data Infrastructure Trust to Buy Leading Global Communications REITs American Tower Corporation India Operations for $2.5 Billion
12th January 2024 | Hong Kong
Brookfield Asset Management ($850 billion AUM) affiliate sponsored Data Infrastructure Trust (an Infrastructure Investment Trust) has announced to buy leading global REITs of communications real estate American Tower Corporation’s India operations for $2.5 billion. American Tower is one of the largest global REITs, and is an independent owner, operator and developer of multitenant communications real estate with a portfolio of nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities. Brookfield Asset Management is a leading global alternative asset manager with over $850 billion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. Announcement: “American Tower Corporation has signed a definitive agreement with Data Infrastructure Trust, an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management, pursuant to which DIT will acquire 100% of the equity interests in American Tower’s operations in India. DIT currently houses Brookfield’s telecom tower businesses in India through Summit Digitel and Crest Digitel. Total cash proceeds to American Tower at closing, subject to certain pre-closing terms, would potentially represent up to approximately INR 210 billion, or $2.5 billion at today’s exchange rates. The transaction, which reflects the completion of the previously announced strategic review of American Tower’s operations in India, is subject to customary closing conditions, including government and regulatory approvals, and is expected to close in the second half of 2024. Total cash proceeds include an enterprise value on the ATC India operations of approximately $2.0 billion, plus a ticking fee that accrues from October 1, 2023, to the date of closing. Proceeds associated with the enterprise value assume the repayment of existing intercompany debt and the repayment, or assumption, of the existing India term loan, by DIT. Furthermore, and considered within the total potential cash proceeds above, American Tower will retain the full economic benefit associated with the optionally converted debentures (OCDs) issued by Vodafone Idea and will be entitled to receive future payments related to existing ATC India receivables. Proceeds from the transaction are expected to be used to repay American Tower’s existing indebtedness.”
“ $850 Billion Brookfield Asset Management Affiliate Sponsored Data Infrastructure Trust to Buy Leading Global Communications REITs American Tower Corporation India Operations for $2.5 Billion “
$850 Billion Brookfield Asset Management Affiliate Sponsored Data Infrastructure Trust to Buy Leading Global Communications REITs American Tower Corporation India Operations for $2.5 Billion
About American Tower
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of nearly 225,000 communications sites and a highly interconnected footprint of U.S. data center facilities.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $850 billion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.
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