towers

The diversified Indian industrial group sells 100% of its telecom towers business to American Tower in a deal that specialists say represents good value for both buyer and seller.

The combined entity will create India's largest independent telecom infrastructure company with 18,000 towers, an enterprise value of $2.6 billion and aggressive expansion plans.

GTL Infrastructure is able to upsize the deal to $250 million after attracting $1 billion worth of demand.

When it outsourced manager research to Frank Russell, Towers lost its raison dÆetre in Singapore and Hong Kong.