Tower InvIT Data Infra Trust to raise Rs 6,600 cr from Brookfield, GIC, British Columbia for ATC deal

Data Infrastructure Trust, a telecom-focused infrastructure investment trust (InvIT), plans to raise up to Rs 6,666 crore from its sponsor Brookfield, Singapore’s GIC and Canadian pension fund British Columbia Investment to fund the acquisition of US-based American Tower Corporation’s telecom portfolio in India.

Data Infrastructure Trust had on January 4 announced that it will acquire ATC’s India telecom business comprising 78,000 towers for an enterprise value of Rs 16,500 crore (subject to pre-closing terms). The acquisition is expected to be completed by the next month.

This will be Brookfield’s third acquisition in the Indian telecommunications space. In 2022, it had picked up a portfolio of 5,000 indoor business solution sites and small cell sites. Brookfield also has a portfolio of roughly 175,000 towers that were acquired in 2020 from Reliance Industrial Investments and Holdings Limited.

The board of Data Infrastructure Trust has approved a plan to raise the funds from the three investors through a private placement of 444.4 million units of the InvIT at a price of Rs 150 per unit, filings show.