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Brookfield Asset Management along with American Tower Corp (ATC) is vying for Idea Cellular and Vodafone Group PLC’s tower assets, which are valued at nearly Rs 10,000 crore, says a source-based report in the Livemint.
According to sources, the newly merged telecom giants are in talks with Brookfield and ATC for sale of its telecommunications infrastructure. While the companies are running separate sale processes, the assets could be sold to a single buyer to get better returns.
As per the media report, Vodafone owns 10,926 towers while Idea has close to 11,000 towers.
On Monday, Aditya Birla Group backed Idea Cellular merged with Vodafone India and its subsidiary to create the largest telecom operator in terms of revenues and subscriber base. The new entity will also give tough competition to the existing big players – Bharti Airtel and Reliance Jio.
According to a CNBC-TV18 report, Idea had approached ATC, Bharti Infratel and Brookfield to sell its 11,000 telecom towers for close to USD 1 billion.
Idea is looking to close the deal by end of June, the report said. The company is also open to keeping minority stake in its tower unit.
The pending merger, which is expected to be completed in 24 months, could impact the sale price of towers, according to the source.
All parties involved refused to comment on the news.
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