American Tower Corporation (“ATC”) announced that its Mauritius subsidiary, American Tower Mauritius, has entered into a definitive agreement with Horse-Shoe Capital, Mauritius (an affiliate of Q Investments, USA), under which it will acquire XCEL Telecom Private Limited (“XCEL”). XCEL owns and operates approximately 1,700 wireless communications tower sites, including a number of towers that are currently under construction. The transaction is expected to close in the second quarter, subject to customary closing conditions and the completion of customary regulatory and other approvals.
When combined with ATC’s existing operations in India, the acquisition will create a leading independent tower company with a combined portfolio of approximately 2,000 tower sites in fifteen telecom circles, a team of approximately 240 employees, and relationships with all of the leading wireless operators in India through Master Service Agreements.
“We are very excited to be entering into this transaction with XCEL,” commented Mr. Amit Sharma, Executive Vice President and President, Asia for ATC. “India is one of the fastest growing telecom markets, with the tower market seeing record growth. We have always maintained that ATC would pursue acquisition opportunities if the right portfolio of towers was available upon fair and reasonable terms. This acquisition comes with a good team of people and is in line with our plans for the country. This deal will strengthen our base in India and give us access to a new set of clients and geographies where XCEL has established connections,” he added.
“This represents a significant milestone for XCEL and is beneficial to all its stakeholders. XCEL will benefit from ATC’s commitment and expertise in managing and growing such businesses globally.” said Mr. Pranav Parikh, Director, XCEL Telecom.
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About American Tower Corporation: American Tower is a leading independent owner, operator and developer of broadcast and wireless communications sites. American Tower owns and operates over 23,700 communications sites in the United States, Mexico, Brazil and India. For more information about American Tower, please visit www.americantower.com.
About XCEL Telecom Private Limited: XCEL Telecom is a leading independent provider of shared telecom infrastructure solutions and services to the telecom cellular operators with a presence spread across India. XCEL Telecom is owned by Horse-Shoe Capital, Mauritius (an affiliate of Q Investments, USA) and was incubated by it in 2006 to provide total infrastructure solutions to the growing telecom market in India. For more information about XCEL Telecom, please visit www.xceltele.com.
For further information regarding ATC contact: Sunaina Jairath, Senior Manager, Image Inc. at 011-46523456 / 9811645243, sunaina@image-publicrelations.com or email at – asia@americantower.com
For further information regarding Q Investments/XCEL contact: Girish Dikey, Associate Partner, Sampark Public Relations Pvt. Ltd. at 022-40425504 / +91 9892200260 or Girish.dikey@sampark.com
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