Vodafone Group (VOD)
Vodafone India, Idea sell tower business
Vodafone's Indian unit and Idea Cellular have agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastructure Private for an aggregate enterprise value of INR78.5 billion ($1.2 billion).
Vodafone India will receive proceeds of INR38.5 billion ($592 million) and Idea will receive INR40.0 billion ($615 million).
This transaction follows the Vodafone India and Idea merger announcement in March, whereby the parties announced their intention to sell their individual standalone tower businesses to strengthen the balance sheet of the combined business.
Completion of the transaction is subject to customary closing conditions and receipt of necessary regulatory approvals, and is expected during the first half of 2018, Vodafone said.