Idea, Vodafone India to sell tower business to ATC Telecom Infrastructure
14 November, 2017, 00:43 | Author: Terri Saunders
Idea Cellular posted a consolidated net loss of Rs 1,106.8 crore for the second quarter of the current fiscal. Idea Cellular Infrastructure Services Ltd, a unit of Idea Cellular, had around 9,900 towers with a tenancy ratio of 1.80 as of 30 September 2017. The companies noted that in the event that the completion of today's sale precedes the completion of the proposed merger, both expected next year, Vodafone India will receive INR38.5 billion ($592 million).
Vodafone has agreed to sell its Indian mast and towers business in a deal worth $1.2bn (£900m), it was announced this morning.
Under this merger, Vodafone India will get an implied enterprise value of Rs. 82,800 crores and Idea Rs. 72,200 crores. Shares of Idea traded at Rs 94.90 a piece, down by 2.22% on the BSE in the early trading hours Monday which then went down by 5.62 per cent down at Rs 91.60 on BSE.
Idea will use proceeds from the tower sale to expand 4G coverage as well, Himanshu Kapania, the carrier's managing director, said by phone Monday.
The merged entity will avoid payment of exit penalties as the combined standalone tower businesses will collapse into single tenancies over a two-year period.
Indus-the biggest tower company-is a three-way joint venture among Idea, Vodafone and Bharti Airtel, which also controls Bharti Infratel.
The transactions are expected to be immediately accretive to AFFO per share, and the deal is expected to close in the first half of 2018. Accordingly, private equity funds KKR and Canadian Pension Plan Investment Board (CPPIB) had emerged as the top contenders.
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