Tata Teleservices is settling with American Tower (AMT -1.8%) for 2,700 crore rupees -- about $320M -- after an early exit from some 30,000 tower leases when it sold its mobility business to Bharti Airtel (OTCPK:BHRQY), the Economic Times reports.
Tata is also selling half of its 26% holdings in the ATC Telecom Infrastructure Private Ltd. to AMT, which will pay 2,940 crore for that and IDFC's 2% stake.
The wash result will mean AMT getting the additional stakes in ATC TIPL for about 240 crore (about $28.4M).
After the deals, American Tower will hold about 79% stake in its India operations.
Previously: Citi upgrades SBAC, downgrades AMT in tower update (Oct. 31 2018)
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