India: American Tower seals Idea-Vodafone tower deal
Vodafone and Idea Cellular agreed to sell their tower portfolios to American Tower for a combined value of around US$1.2bn. Idea’s portfolio include 8,886 sites with a tenancy ratio of 1.7 (or 15,418 tenants) while Vodafone’s comprises 10,926 towers with a tenancy ratio of 1.5 (15,846 tenants). However, following the merger around 6,300 co-located tenancies of the two MNOs will become single tenancies over a two-year timeframe, as noted in a statement published by the two operators. The collapse in tenancies won’t entail any exit penalty. The transaction should be completed within H2 2018.
