On January 4, 2024, American Tower Corporation (NYSE: AMT) signed a definitive agreement with Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by Brookfield Asset Management (NYSE: BAM, TSX: BAM), to sell 100% of its equity interests in American Tower’s operations in India (ATC India). The transaction valued ATC India's enterprise at approximately $2.0 billion, with total cash proceeds to American Tower potentially reaching up to $2.5 billion, subject to pre-closing terms and exchange rates. This amount was equivalent to approximately CAD 3.4 billion at the time the article was published.

The sale was part of a strategic review of American Tower's operations in India. DIT, housing Brookfield’s telecom tower businesses in India through Summit Digitel and Crest Digitel, would assume repayment of existing intercompany debt and India term loans. The total potential proceeds include a ticking fee accrued from October 1, 2023, until closing and future payments related to existing ATC India receivables. American Tower retained economic benefits from optionally converted debentures issued by Vodafone Idea.

Proceeds from the sale were designated for repaying American Tower’s existing indebtedness.

Citi served as the lead financial advisor and CDX Advisors as the financial advisor to American Tower. Talwar Thakore & Associates (TT&A) acted as the principal legal advisor for American Tower. S&R Associates advised Brookfield.