MUMBAI: American Tower Corp (ATC) agreed to buy mobile-phone towers from Vodafone Group Plc’s Indian business and Idea Cellular Ltd for 78.5 billion rupees (US$1.2bil).
The agreement, subject to closing conditions and regulatory approval, is expected to be completed during the first half of 2018, ATC said in a statement yesterday. The assets will probably generate US$320mil in property revenue and US$120mil in gross profits for their first full year under ATC, according to the statement.
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