![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
The US tower company is learnt to have re-engaged with Canada’s Brookfield<\/a>, which is evaluating a full buyout, people with knowledge of the matter said. It has also held separate discussions with US infrastructure fund Stonepeak Partners and tapped Macquarie and KKR & Co through its advisors, though discussions with the latter two are believed to have been lukewarm, these people added.
Stonepeak is a stakeholder in ATC’s US data-centre business. However, the New York-headquartered fund, with $55 billion of assets under management, does not have an India presence. It had backed wireless infrastructure ventures like Vertical Bridge and Globe Telecom Towers in the Philippines among several other digital and telecommunications assets. It is not clear yet if Stonepeak is seeking a full 100% acquisition or a majority control.
Boston-based ATC’s discussions with Brookfield, which already owns Summit Digitel<\/a> (that houses the telecom towers acquired from Reliance Jio<\/a>), is believed to have been progressing. Brookfield is only keen on a 100% acquisition of ATC Telecom Infrastructure Pvt Ltd (ATC TIPL), however valuations remain a sticky point still between the two.
Senior executives, lawyers and consultants aware of the discussions said ATC is looking for an enterprise value upwards of $4 billion for its Indian unit, largely linked to its strong India tower assets portfolio — 76,826 towers as of December 2022. On the other hand, the suitors are unwilling to pay any control premium and are negotiating for a $2.8-3.0 billion valuation, worried about sustainability of the tenancy revenue inflows in future, given the continuing financial struggles of Vodafone Idea<\/a> (Vi), ATC’s biggest customer in India.
ATC’s initial plans to sell a 50% stake in its Indian unit implied co-control with a potential equal partner. But lukewarm buyer appetite appears to have induced the US tower company to change the strategy swiftly.
“ATC is unwilling to price its India towers below $50,000 apiece, while a potential buyer like Brookfield isn’t convinced if it can recover its money from those towers via steady tenancy revenues amid key customer Vi's grim financials,” one of the people cited told ET.
He added that discussions were stuck around valuations as any bulk acquisition of tower assets without assured long-term tenancy revenue would pile up costs for a potential buyer.
Brookfield and ATC could not be reached for comment, Stonepeak declined to comment.
Over the years, ATC had made big bets in India, expanding its towers portfolio aggressively through acquisitions and became the third largest tower infrastructure provider in the country, behind Indus and Brookfield. “Most of their acquisition has been done at peak valuation and today their value has significantly diminished. It’s purely a market where terms are dictated by the tenants, that is the telco. And in ATC’s case, the added complexity is how does one price in the Vi risk,” a suitor who was approached initially said on the condition of anonymity.
In a February 2023 filing with the US Securities and Exchange Commission, ATC said it was exploring strategic alternatives, including the sale of an equity stake in its India operation to one or more private investors amid a challenging business environment. This, after its largest India customer, Vi, had said in early 2023 that it would not resume full payments of what it owed ATC.
Read also<\/h4><\/a><\/figure>ATC finances could take a hit due to Vodafone Idea payment woes: Annual report<\/a><\/h5><\/div><\/a><\/figure>Canadian pension fund CDPQ eyes 50% stake in ATC's India unit<\/a><\/h5><\/div><\/div><\/div>
The US tower company has already taken a $411.6 million impairment charge due to Vi’s partial payments. In its annual report for 2022, the company warned of more potential payment shortfalls by Vi, a scenario that could lead it to periodically evaluate the carrying value of its Indian assets, possibly resulting in more impairment expenses.
A tower sector veteran aware of ATC’s stake sale talks said commanding a $4 billion valuation for its India unit won’t be easy, especially when the market capitalisation of a bigger tower company like Indus — which has nearly 1,90,000 towers — has plunged to around Rs 38,537 crore ($4.7 billion) from around Rs 53,670 crore ($6.55 billion) in August 2022. Indus’s financials too have taken a hit amid customer Vi’s inability to clear its dues. Vi accounts for more than 40% of Indus’s revenue.
Rapid consolidation in telecom coupled with Vi’s continuing inability to clear contractual dues has posed big challenges for tower companies.
Analysts said the presence of two large pan-India tower infrastructure providers in Indus and Brookfield that can easily meet the immediate 5G network expansion needs of India’s top two telcos – Jio and Airtel – could also make an ATC stake sale challenging in the near term, especially with cash-strapped Vi unlikely to recover its stride anytime soon.
In February, Vi had allotted optionally convertible debentures worth Rs 1,600 crore to ATC TIPL against its dues. Vi owes ATC an estimated Rs 2,000 crore.
<\/body>","next_sibling":[{"msid":99800572,"title":"Indus Q4 net profit falls 23% on year; Vodafone Idea dues weigh","entity_type":"ARTICLE","link":"\/news\/industry\/indus-q4-net-profit-falls-23-on-year-vodafone-idea-dues-weigh\/99800572","category_name":null,"category_name_seo":"industry"}],"related_content":[],"msid":99800603,"entity_type":"ARTICLE","title":"ATC looks to sell majority stake, also open to 100% sale and exit India; revives talks with Brookfield","synopsis":"Boston-based ATC\u2019s discussions with Brookfield, which already owns Summit Digitel (that houses the telecom towers acquired from Reliance Jio), is believed to have been progressing. Brookfield is only keen on a 100% acquisition of ATC Telecom Infrastructure Pvt Ltd (ATC TIPL), however valuations remain a sticky point still between the two.","titleseo":"industry\/atc-looks-to-sell-majority-stake-also-open-to-100-sale-and-exit-india-revives-talks-with-brookfield","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}},{"author_name":"Arijit Barman","author_link":"\/author\/16028\/arijit-barman","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/16028.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":16028,"author_name":"Arijit Barman","author_seo_name":"arijit-barman","designation":"Journalist","agency":false}}],"analytics":{"comments":0,"views":9798,"shares":0,"engagementtimems":41170000},"Alttitle":{"minfo":""},"artag":"ETTelecom","artdate":"2023-04-27 07:25:47","lastupd":"2023-04-27 07:25:48","breadcrumbTags":["ATC","American Tower Corp","ATC India","Brookfield","Summit Digitel","Reliance Jio","Industry","telecom news","Vodafone Idea"],"secinfo":{"seolocation":"industry\/atc-looks-to-sell-majority-stake-also-open-to-100-sale-and-exit-india-revives-talks-with-brookfield"}}" data-authors="[" kalyan parbat","arijit barman"]" data-category-name="Industry" data-category_id="18" data-date="2023-04-27" data-index="article_1">
- 行业
- 4分钟阅读
ATC看起来出售多数股权,也开放100%销售和出口印度;复苏与布鲁克菲尔德
与布鲁克菲尔德波士顿ATC的讨论,已经拥有峰会Digitel(房屋电信塔从依赖获得Jio),被认为是进步。布鲁克菲尔德只热衷于收购100% ATC电信基础设施Pvt Ltd (ATC TIPL),然而仍然估值仍粘点之间。
孟买加尔各答|:美国塔集团(空中交通管制)现在开始出售其全资子公司印度的多数股权,甚至提供高达100%的所有权和退出的国家,最近的努力只出售50%的股权后没有找到任何接受者。
美国塔公司是学会重新保持与加拿大布鲁克菲尔德评估一个完整的收购,知情人士说。也和我们进行了单独讨论基础设施基金Stonepeak伙伴和挖掘麦格理和KKR & Co通过其顾问,虽然与后两个讨论被认为一直不冷不热,这些人补充说。
Stonepeak在ATC的美国数据中心业务涉众。然而,总部设在纽约的基金管理着550亿美元的资产,没有印度的存在。它支持无线基础设施企业垂直桥和全球电信塔在菲律宾在其他几个数字和电信资产。,目前还不清楚如果Stonepeak正在寻求一个完整的100%收购或多数控制。
与布鲁克菲尔德波士顿ATC的讨论,已经拥有峰会Digitel(这房子电信塔获得的依赖Jio),被认为是进步。布鲁克菲尔德只热衷于收购100% ATC电信基础设施Pvt Ltd (ATC TIPL),然而仍然估值仍粘点之间。
高级管理人员、律师和咨询师意识到讨论说ATC是寻找一个企业价值高达40亿美元的印度单位,很大程度上与它强大的印度塔资产组合2022年12月- 76826塔。另一方面,追求者不愿意支付任何控制溢价和谈判-30亿2.8美元估值,担心在未来可持续发展的租赁收入流入,鉴于金融斗争的继续沃达丰的想法(Vi),在印度ATC的最大客户。
ATC的最初计划出售其印度子公司50%的股份隐含co-control潜在平等的合作伙伴。但不冷不热的买家的胃口似乎诱导美国塔公司迅速改变策略。
“ATC价格不愿其印度塔低于50000美元,尽管布鲁克菲尔德这样的潜在买家不相信如果能恢复其从那塔通过稳定的租赁收入在关键客户Vi的严峻金融,“引用的一个人告诉等。
他补充说,被困在讨论任何批量购置塔资产估值没有保证长期租赁收入将增加成本的一个潜在的买家。
布鲁克菲尔德和ATC无法置评,Stonepeak拒绝置评。
多年来,ATC了大赌注在印度,扩大其塔组合积极通过并购,成为第三大塔基础设施供应商,仅次于印度和布鲁克菲尔德。“大多数的收购已经完成在高峰估值,今天他们的价值大大降低。这是纯粹的一个术语是由租户的市场,这就是电信。在ATC的情况下,增加的复杂性是如何价格在Vi风险,”一位追求者接近最初在匿名的条件下说。
在2023年2月提交给美国证券交易委员会(sec)、ATC说这是探索战略替代方案,包括其印度业务的股权出售给一个或多个私人投资者在一个具有挑战性的商业环境。后,其最大的印度客户,Vi,在2023年初曾表示,它不会恢复全面的支付欠ATC。
美国塔公司已经采取了一项4.116亿美元的减值支出由于Vi部分支付。在其2022年年报,该公司警告称,更多潜在支付不足六世,一个场景,可能导致它定期评估其印度资产的账面价值,可能导致更多的损害费用。
塔部门资深意识到ATC的股权出售谈判说指挥40亿美元估值的印度单位并不容易,尤其是当一个大塔公司的市值像印度河——将近90000塔——已经跌至约38537卢比(47亿美元)从53670卢比(65.5亿美元)在2022年8月。印度河的金融类股也受到打击,客户Vi无法明确其会费。印度河Vi占超过40%的收入。
快速整合电信加上Vi的持续无法明确合同会费为塔公司提出了巨大的挑战。
分析师表示,存在两大pan-India塔基础设施提供商在印度河和布鲁克菲尔德,可以很容易地满足眼前的5 g网络扩张的需要印度的两大电信公司——Jio和旅馆,也可以做一个ATC股权出售短期挑战,特别是在资金短缺的Vi不太可能很快恢复其步伐。
今年2月,Vi已经分配的选择可转换债券价值1600卢比的ATC TIPL对其会费。Vi欠ATC估计有2000卢比。
<\/span><\/figcaption><\/figure>Kolkata | Mumbai: American Tower Corp<\/a> (ATC<\/a>) is now open to selling a majority stake in its wholly owned Indian unit, or offering even up to 100% ownership and exiting the country, after its recent efforts to sell only a 50% stake failed to find any takers.
The US tower company is learnt to have re-engaged with Canada’s Brookfield<\/a>, which is evaluating a full buyout, people with knowledge of the matter said. It has also held separate discussions with US infrastructure fund Stonepeak Partners and tapped Macquarie and KKR & Co through its advisors, though discussions with the latter two are believed to have been lukewarm, these people added.
Stonepeak is a stakeholder in ATC’s US data-centre business. However, the New York-headquartered fund, with $55 billion of assets under management, does not have an India presence. It had backed wireless infrastructure ventures like Vertical Bridge and Globe Telecom Towers in the Philippines among several other digital and telecommunications assets. It is not clear yet if Stonepeak is seeking a full 100% acquisition or a majority control.
Boston-based ATC’s discussions with Brookfield, which already owns Summit Digitel<\/a> (that houses the telecom towers acquired from Reliance Jio<\/a>), is believed to have been progressing. Brookfield is only keen on a 100% acquisition of ATC Telecom Infrastructure Pvt Ltd (ATC TIPL), however valuations remain a sticky point still between the two.
Senior executives, lawyers and consultants aware of the discussions said ATC is looking for an enterprise value upwards of $4 billion for its Indian unit, largely linked to its strong India tower assets portfolio — 76,826 towers as of December 2022. On the other hand, the suitors are unwilling to pay any control premium and are negotiating for a $2.8-3.0 billion valuation, worried about sustainability of the tenancy revenue inflows in future, given the continuing financial struggles of Vodafone Idea<\/a> (Vi), ATC’s biggest customer in India.
ATC’s initial plans to sell a 50% stake in its Indian unit implied co-control with a potential equal partner. But lukewarm buyer appetite appears to have induced the US tower company to change the strategy swiftly.
“ATC is unwilling to price its India towers below $50,000 apiece, while a potential buyer like Brookfield isn’t convinced if it can recover its money from those towers via steady tenancy revenues amid key customer Vi's grim financials,” one of the people cited told ET.
He added that discussions were stuck around valuations as any bulk acquisition of tower assets without assured long-term tenancy revenue would pile up costs for a potential buyer.
Brookfield and ATC could not be reached for comment, Stonepeak declined to comment.
Over the years, ATC had made big bets in India, expanding its towers portfolio aggressively through acquisitions and became the third largest tower infrastructure provider in the country, behind Indus and Brookfield. “Most of their acquisition has been done at peak valuation and today their value has significantly diminished. It’s purely a market where terms are dictated by the tenants, that is the telco. And in ATC’s case, the added complexity is how does one price in the Vi risk,” a suitor who was approached initially said on the condition of anonymity.
In a February 2023 filing with the US Securities and Exchange Commission, ATC said it was exploring strategic alternatives, including the sale of an equity stake in its India operation to one or more private investors amid a challenging business environment. This, after its largest India customer, Vi, had said in early 2023 that it would not resume full payments of what it owed ATC.
Read also<\/h4><\/a><\/figure>ATC finances could take a hit due to Vodafone Idea payment woes: Annual report<\/a><\/h5><\/div><\/a><\/figure>Canadian pension fund CDPQ eyes 50% stake in ATC's India unit<\/a><\/h5><\/div><\/div><\/div>
The US tower company has already taken a $411.6 million impairment charge due to Vi’s partial payments. In its annual report for 2022, the company warned of more potential payment shortfalls by Vi, a scenario that could lead it to periodically evaluate the carrying value of its Indian assets, possibly resulting in more impairment expenses.
A tower sector veteran aware of ATC’s stake sale talks said commanding a $4 billion valuation for its India unit won’t be easy, especially when the market capitalisation of a bigger tower company like Indus — which has nearly 1,90,000 towers — has plunged to around Rs 38,537 crore ($4.7 billion) from around Rs 53,670 crore ($6.55 billion) in August 2022. Indus’s financials too have taken a hit amid customer Vi’s inability to clear its dues. Vi accounts for more than 40% of Indus’s revenue.
Rapid consolidation in telecom coupled with Vi’s continuing inability to clear contractual dues has posed big challenges for tower companies.
Analysts said the presence of two large pan-India tower infrastructure providers in Indus and Brookfield that can easily meet the immediate 5G network expansion needs of India’s top two telcos – Jio and Airtel – could also make an ATC stake sale challenging in the near term, especially with cash-strapped Vi unlikely to recover its stride anytime soon.
In February, Vi had allotted optionally convertible debentures worth Rs 1,600 crore to ATC TIPL against its dues. Vi owes ATC an estimated Rs 2,000 crore.
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<\/a><\/figure>ATC finances could take a hit due to Vodafone Idea payment woes: Annual report<\/a><\/h5><\/div><\/a><\/figure>Canadian pension fund CDPQ eyes 50% stake in ATC's India unit<\/a><\/h5><\/div><\/div><\/div>
The US tower company has already taken a $411.6 million impairment charge due to Vi’s partial payments. In its annual report for 2022, the company warned of more potential payment shortfalls by Vi, a scenario that could lead it to periodically evaluate the carrying value of its Indian assets, possibly resulting in more impairment expenses.
A tower sector veteran aware of ATC’s stake sale talks said commanding a $4 billion valuation for its India unit won’t be easy, especially when the market capitalisation of a bigger tower company like Indus — which has nearly 1,90,000 towers — has plunged to around Rs 38,537 crore ($4.7 billion) from around Rs 53,670 crore ($6.55 billion) in August 2022. Indus’s financials too have taken a hit amid customer Vi’s inability to clear its dues. Vi accounts for more than 40% of Indus’s revenue.
Rapid consolidation in telecom coupled with Vi’s continuing inability to clear contractual dues has posed big challenges for tower companies.
Analysts said the presence of two large pan-India tower infrastructure providers in Indus and Brookfield that can easily meet the immediate 5G network expansion needs of India’s top two telcos – Jio and Airtel – could also make an ATC stake sale challenging in the near term, especially with cash-strapped Vi unlikely to recover its stride anytime soon.
In February, Vi had allotted optionally convertible debentures worth Rs 1,600 crore to ATC TIPL against its dues. Vi owes ATC an estimated Rs 2,000 crore.
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- 行业
- 4分钟阅读
ATC看起来出售多数股权,也开放100%销售和出口印度;复苏与布鲁克菲尔德
与布鲁克菲尔德波士顿ATC的讨论,已经拥有峰会Digitel(房屋电信塔从依赖获得Jio),被认为是进步。布鲁克菲尔德只热衷于收购100% ATC电信基础设施Pvt Ltd (ATC TIPL),然而仍然估值仍粘点之间。
孟买加尔各答|:美国塔集团(空中交通管制)现在开始出售其全资子公司印度的多数股权,甚至提供高达100%的所有权和退出的国家,最近的努力只出售50%的股权后没有找到任何接受者。
美国塔公司是学会重新保持与加拿大布鲁克菲尔德评估一个完整的收购,知情人士说。也和我们进行了单独讨论基础设施基金Stonepeak伙伴和挖掘麦格理和KKR & Co通过其顾问,虽然与后两个讨论被认为一直不冷不热,这些人补充说。
Stonepeak在ATC的美国数据中心业务涉众。然而,总部设在纽约的基金管理着550亿美元的资产,没有印度的存在。它支持无线基础设施企业垂直桥和全球电信塔在菲律宾在其他几个数字和电信资产。,目前还不清楚如果Stonepeak正在寻求一个完整的100%收购或多数控制。
与布鲁克菲尔德波士顿ATC的讨论,已经拥有峰会Digitel(这房子电信塔获得的依赖Jio),被认为是进步。布鲁克菲尔德只热衷于收购100% ATC电信基础设施Pvt Ltd (ATC TIPL),然而仍然估值仍粘点之间。
高级管理人员、律师和咨询师意识到讨论说ATC是寻找一个企业价值高达40亿美元的印度单位,很大程度上与它强大的印度塔资产组合2022年12月- 76826塔。另一方面,追求者不愿意支付任何控制溢价和谈判-30亿2.8美元估值,担心在未来可持续发展的租赁收入流入,鉴于金融斗争的继续沃达丰的想法(Vi),在印度ATC的最大客户。
ATC的最初计划出售其印度子公司50%的股份隐含co-control潜在平等的合作伙伴。但不冷不热的买家的胃口似乎诱导美国塔公司迅速改变策略。
“ATC价格不愿其印度塔低于50000美元,尽管布鲁克菲尔德这样的潜在买家不相信如果能恢复其从那塔通过稳定的租赁收入在关键客户Vi的严峻金融,“引用的一个人告诉等。
他补充说,被困在讨论任何批量购置塔资产估值没有保证长期租赁收入将增加成本的一个潜在的买家。
布鲁克菲尔德和ATC无法置评,Stonepeak拒绝置评。
多年来,ATC了大赌注在印度,扩大其塔组合积极通过并购,成为第三大塔基础设施供应商,仅次于印度和布鲁克菲尔德。“大多数的收购已经完成在高峰估值,今天他们的价值大大降低。这是纯粹的一个术语是由租户的市场,这就是电信。在ATC的情况下,增加的复杂性是如何价格在Vi风险,”一位追求者接近最初在匿名的条件下说。
在2023年2月提交给美国证券交易委员会(sec)、ATC说这是探索战略替代方案,包括其印度业务的股权出售给一个或多个私人投资者在一个具有挑战性的商业环境。后,其最大的印度客户,Vi,在2023年初曾表示,它不会恢复全面的支付欠ATC。
美国塔公司已经采取了一项4.116亿美元的减值支出由于Vi部分支付。在其2022年年报,该公司警告称,更多潜在支付不足六世,一个场景,可能导致它定期评估其印度资产的账面价值,可能导致更多的损害费用。
塔部门资深意识到ATC的股权出售谈判说指挥40亿美元估值的印度单位并不容易,尤其是当一个大塔公司的市值像印度河——将近90000塔——已经跌至约38537卢比(47亿美元)从53670卢比(65.5亿美元)在2022年8月。印度河的金融类股也受到打击,客户Vi无法明确其会费。印度河Vi占超过40%的收入。
快速整合电信加上Vi的持续无法明确合同会费为塔公司提出了巨大的挑战。
分析师表示,存在两大pan-India塔基础设施提供商在印度河和布鲁克菲尔德,可以很容易地满足眼前的5 g网络扩张的需要印度的两大电信公司——Jio和旅馆,也可以做一个ATC股权出售短期挑战,特别是在资金短缺的Vi不太可能很快恢复其步伐。
今年2月,Vi已经分配的选择可转换债券价值1600卢比的ATC TIPL对其会费。Vi欠ATC估计有2000卢比。
<\/span><\/figcaption><\/figure>Kolkata | Mumbai: American Tower Corp<\/a> (ATC<\/a>) is now open to selling a majority stake in its wholly owned Indian unit, or offering even up to 100% ownership and exiting the country, after its recent efforts to sell only a 50% stake failed to find any takers.
The US tower company is learnt to have re-engaged with Canada’s Brookfield<\/a>, which is evaluating a full buyout, people with knowledge of the matter said. It has also held separate discussions with US infrastructure fund Stonepeak Partners and tapped Macquarie and KKR & Co through its advisors, though discussions with the latter two are believed to have been lukewarm, these people added.
Stonepeak is a stakeholder in ATC’s US data-centre business. However, the New York-headquartered fund, with $55 billion of assets under management, does not have an India presence. It had backed wireless infrastructure ventures like Vertical Bridge and Globe Telecom Towers in the Philippines among several other digital and telecommunications assets. It is not clear yet if Stonepeak is seeking a full 100% acquisition or a majority control.
Boston-based ATC’s discussions with Brookfield, which already owns Summit Digitel<\/a> (that houses the telecom towers acquired from Reliance Jio<\/a>), is believed to have been progressing. Brookfield is only keen on a 100% acquisition of ATC Telecom Infrastructure Pvt Ltd (ATC TIPL), however valuations remain a sticky point still between the two.
Senior executives, lawyers and consultants aware of the discussions said ATC is looking for an enterprise value upwards of $4 billion for its Indian unit, largely linked to its strong India tower assets portfolio — 76,826 towers as of December 2022. On the other hand, the suitors are unwilling to pay any control premium and are negotiating for a $2.8-3.0 billion valuation, worried about sustainability of the tenancy revenue inflows in future, given the continuing financial struggles of Vodafone Idea<\/a> (Vi), ATC’s biggest customer in India.
ATC’s initial plans to sell a 50% stake in its Indian unit implied co-control with a potential equal partner. But lukewarm buyer appetite appears to have induced the US tower company to change the strategy swiftly.
“ATC is unwilling to price its India towers below $50,000 apiece, while a potential buyer like Brookfield isn’t convinced if it can recover its money from those towers via steady tenancy revenues amid key customer Vi's grim financials,” one of the people cited told ET.
He added that discussions were stuck around valuations as any bulk acquisition of tower assets without assured long-term tenancy revenue would pile up costs for a potential buyer.
Brookfield and ATC could not be reached for comment, Stonepeak declined to comment.
Over the years, ATC had made big bets in India, expanding its towers portfolio aggressively through acquisitions and became the third largest tower infrastructure provider in the country, behind Indus and Brookfield. “Most of their acquisition has been done at peak valuation and today their value has significantly diminished. It’s purely a market where terms are dictated by the tenants, that is the telco. And in ATC’s case, the added complexity is how does one price in the Vi risk,” a suitor who was approached initially said on the condition of anonymity.
In a February 2023 filing with the US Securities and Exchange Commission, ATC said it was exploring strategic alternatives, including the sale of an equity stake in its India operation to one or more private investors amid a challenging business environment. This, after its largest India customer, Vi, had said in early 2023 that it would not resume full payments of what it owed ATC.
Read also<\/h4><\/a><\/figure>ATC finances could take a hit due to Vodafone Idea payment woes: Annual report<\/a><\/h5><\/div><\/a><\/figure>Canadian pension fund CDPQ eyes 50% stake in ATC's India unit<\/a><\/h5><\/div><\/div><\/div>
The US tower company has already taken a $411.6 million impairment charge due to Vi’s partial payments. In its annual report for 2022, the company warned of more potential payment shortfalls by Vi, a scenario that could lead it to periodically evaluate the carrying value of its Indian assets, possibly resulting in more impairment expenses.
A tower sector veteran aware of ATC’s stake sale talks said commanding a $4 billion valuation for its India unit won’t be easy, especially when the market capitalisation of a bigger tower company like Indus — which has nearly 1,90,000 towers — has plunged to around Rs 38,537 crore ($4.7 billion) from around Rs 53,670 crore ($6.55 billion) in August 2022. Indus’s financials too have taken a hit amid customer Vi’s inability to clear its dues. Vi accounts for more than 40% of Indus’s revenue.
Rapid consolidation in telecom coupled with Vi’s continuing inability to clear contractual dues has posed big challenges for tower companies.
Analysts said the presence of two large pan-India tower infrastructure providers in Indus and Brookfield that can easily meet the immediate 5G network expansion needs of India’s top two telcos – Jio and Airtel – could also make an ATC stake sale challenging in the near term, especially with cash-strapped Vi unlikely to recover its stride anytime soon.
In February, Vi had allotted optionally convertible debentures worth Rs 1,600 crore to ATC TIPL against its dues. Vi owes ATC an estimated Rs 2,000 crore.
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<\/a><\/figure>Canadian pension fund CDPQ eyes 50% stake in ATC's India unit<\/a><\/h5><\/div><\/div><\/div>
The US tower company has already taken a $411.6 million impairment charge due to Vi’s partial payments. In its annual report for 2022, the company warned of more potential payment shortfalls by Vi, a scenario that could lead it to periodically evaluate the carrying value of its Indian assets, possibly resulting in more impairment expenses.
A tower sector veteran aware of ATC’s stake sale talks said commanding a $4 billion valuation for its India unit won’t be easy, especially when the market capitalisation of a bigger tower company like Indus — which has nearly 1,90,000 towers — has plunged to around Rs 38,537 crore ($4.7 billion) from around Rs 53,670 crore ($6.55 billion) in August 2022. Indus’s financials too have taken a hit amid customer Vi’s inability to clear its dues. Vi accounts for more than 40% of Indus’s revenue.
Rapid consolidation in telecom coupled with Vi’s continuing inability to clear contractual dues has posed big challenges for tower companies.
Analysts said the presence of two large pan-India tower infrastructure providers in Indus and Brookfield that can easily meet the immediate 5G network expansion needs of India’s top two telcos – Jio and Airtel – could also make an ATC stake sale challenging in the near term, especially with cash-strapped Vi unlikely to recover its stride anytime soon.
In February, Vi had allotted optionally convertible debentures worth Rs 1,600 crore to ATC TIPL against its dues. Vi owes ATC an estimated Rs 2,000 crore.
<\/body>","next_sibling":[{"msid":99800572,"title":"Indus Q4 net profit falls 23% on year; Vodafone Idea dues weigh","entity_type":"ARTICLE","link":"\/news\/industry\/indus-q4-net-profit-falls-23-on-year-vodafone-idea-dues-weigh\/99800572","category_name":null,"category_name_seo":"industry"}],"related_content":[],"msid":99800603,"entity_type":"ARTICLE","title":"ATC looks to sell majority stake, also open to 100% sale and exit India; revives talks with Brookfield","synopsis":"Boston-based ATC\u2019s discussions with Brookfield, which already owns Summit Digitel (that houses the telecom towers acquired from Reliance Jio), is believed to have been progressing. Brookfield is only keen on a 100% acquisition of ATC Telecom Infrastructure Pvt Ltd (ATC TIPL), however valuations remain a sticky point still between the two.","titleseo":"industry\/atc-looks-to-sell-majority-stake-also-open-to-100-sale-and-exit-india-revives-talks-with-brookfield","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}},{"author_name":"Arijit Barman","author_link":"\/author\/16028\/arijit-barman","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/16028.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":16028,"author_name":"Arijit Barman","author_seo_name":"arijit-barman","designation":"Journalist","agency":false}}],"analytics":{"comments":0,"views":9798,"shares":0,"engagementtimems":41170000},"Alttitle":{"minfo":""},"artag":"ETTelecom","artdate":"2023-04-27 07:25:47","lastupd":"2023-04-27 07:25:48","breadcrumbTags":["ATC","American Tower Corp","ATC India","Brookfield","Summit Digitel","Reliance Jio","Industry","telecom news","Vodafone Idea"],"secinfo":{"seolocation":"industry\/atc-looks-to-sell-majority-stake-also-open-to-100-sale-and-exit-india-revives-talks-with-brookfield"}}" data-authors="[" kalyan parbat","arijit barman"]" data-category-name="Industry" data-category_id="18" data-date="2023-04-27" data-index="article_1">
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ATC看起来出售多数股权,也开放100%销售和出口印度;复苏与布鲁克菲尔德
与布鲁克菲尔德波士顿ATC的讨论,已经拥有峰会Digitel(房屋电信塔从依赖获得Jio),被认为是进步。布鲁克菲尔德只热衷于收购100% ATC电信基础设施Pvt Ltd (ATC TIPL),然而仍然估值仍粘点之间。
孟买加尔各答|:美国塔集团(空中交通管制)现在开始出售其全资子公司印度的多数股权,甚至提供高达100%的所有权和退出的国家,最近的努力只出售50%的股权后没有找到任何接受者。
美国塔公司是学会重新保持与加拿大布鲁克菲尔德评估一个完整的收购,知情人士说。也和我们进行了单独讨论基础设施基金Stonepeak伙伴和挖掘麦格理和KKR & Co通过其顾问,虽然与后两个讨论被认为一直不冷不热,这些人补充说。
Stonepeak在ATC的美国数据中心业务涉众。然而,总部设在纽约的基金管理着550亿美元的资产,没有印度的存在。它支持无线基础设施企业垂直桥和全球电信塔在菲律宾在其他几个数字和电信资产。,目前还不清楚如果Stonepeak正在寻求一个完整的100%收购或多数控制。
与布鲁克菲尔德波士顿ATC的讨论,已经拥有峰会Digitel(这房子电信塔获得的依赖Jio),被认为是进步。布鲁克菲尔德只热衷于收购100% ATC电信基础设施Pvt Ltd (ATC TIPL),然而仍然估值仍粘点之间。
高级管理人员、律师和咨询师意识到讨论说ATC是寻找一个企业价值高达40亿美元的印度单位,很大程度上与它强大的印度塔资产组合2022年12月- 76826塔。另一方面,追求者不愿意支付任何控制溢价和谈判-30亿2.8美元估值,担心在未来可持续发展的租赁收入流入,鉴于金融斗争的继续沃达丰的想法(Vi),在印度ATC的最大客户。
ATC的最初计划出售其印度子公司50%的股份隐含co-control潜在平等的合作伙伴。但不冷不热的买家的胃口似乎诱导美国塔公司迅速改变策略。
“ATC价格不愿其印度塔低于50000美元,尽管布鲁克菲尔德这样的潜在买家不相信如果能恢复其从那塔通过稳定的租赁收入在关键客户Vi的严峻金融,“引用的一个人告诉等。
他补充说,被困在讨论任何批量购置塔资产估值没有保证长期租赁收入将增加成本的一个潜在的买家。
布鲁克菲尔德和ATC无法置评,Stonepeak拒绝置评。
多年来,ATC了大赌注在印度,扩大其塔组合积极通过并购,成为第三大塔基础设施供应商,仅次于印度和布鲁克菲尔德。“大多数的收购已经完成在高峰估值,今天他们的价值大大降低。这是纯粹的一个术语是由租户的市场,这就是电信。在ATC的情况下,增加的复杂性是如何价格在Vi风险,”一位追求者接近最初在匿名的条件下说。
在2023年2月提交给美国证券交易委员会(sec)、ATC说这是探索战略替代方案,包括其印度业务的股权出售给一个或多个私人投资者在一个具有挑战性的商业环境。后,其最大的印度客户,Vi,在2023年初曾表示,它不会恢复全面的支付欠ATC。
美国塔公司已经采取了一项4.116亿美元的减值支出由于Vi部分支付。在其2022年年报,该公司警告称,更多潜在支付不足六世,一个场景,可能导致它定期评估其印度资产的账面价值,可能导致更多的损害费用。
塔部门资深意识到ATC的股权出售谈判说指挥40亿美元估值的印度单位并不容易,尤其是当一个大塔公司的市值像印度河——将近90000塔——已经跌至约38537卢比(47亿美元)从53670卢比(65.5亿美元)在2022年8月。印度河的金融类股也受到打击,客户Vi无法明确其会费。印度河Vi占超过40%的收入。
快速整合电信加上Vi的持续无法明确合同会费为塔公司提出了巨大的挑战。
分析师表示,存在两大pan-India塔基础设施提供商在印度河和布鲁克菲尔德,可以很容易地满足眼前的5 g网络扩张的需要印度的两大电信公司——Jio和旅馆,也可以做一个ATC股权出售短期挑战,特别是在资金短缺的Vi不太可能很快恢复其步伐。
今年2月,Vi已经分配的选择可转换债券价值1600卢比的ATC TIPL对其会费。Vi欠ATC估计有2000卢比。
<\/span><\/figcaption><\/figure>Kolkata | Mumbai: American Tower Corp<\/a> (ATC<\/a>) is now open to selling a majority stake in its wholly owned Indian unit, or offering even up to 100% ownership and exiting the country, after its recent efforts to sell only a 50% stake failed to find any takers.
The US tower company is learnt to have re-engaged with Canada’s Brookfield<\/a>, which is evaluating a full buyout, people with knowledge of the matter said. It has also held separate discussions with US infrastructure fund Stonepeak Partners and tapped Macquarie and KKR & Co through its advisors, though discussions with the latter two are believed to have been lukewarm, these people added.
Stonepeak is a stakeholder in ATC’s US data-centre business. However, the New York-headquartered fund, with $55 billion of assets under management, does not have an India presence. It had backed wireless infrastructure ventures like Vertical Bridge and Globe Telecom Towers in the Philippines among several other digital and telecommunications assets. It is not clear yet if Stonepeak is seeking a full 100% acquisition or a majority control.
Boston-based ATC’s discussions with Brookfield, which already owns Summit Digitel<\/a> (that houses the telecom towers acquired from Reliance Jio<\/a>), is believed to have been progressing. Brookfield is only keen on a 100% acquisition of ATC Telecom Infrastructure Pvt Ltd (ATC TIPL), however valuations remain a sticky point still between the two.
Senior executives, lawyers and consultants aware of the discussions said ATC is looking for an enterprise value upwards of $4 billion for its Indian unit, largely linked to its strong India tower assets portfolio — 76,826 towers as of December 2022. On the other hand, the suitors are unwilling to pay any control premium and are negotiating for a $2.8-3.0 billion valuation, worried about sustainability of the tenancy revenue inflows in future, given the continuing financial struggles of Vodafone Idea<\/a> (Vi), ATC’s biggest customer in India.
ATC’s initial plans to sell a 50% stake in its Indian unit implied co-control with a potential equal partner. But lukewarm buyer appetite appears to have induced the US tower company to change the strategy swiftly.
“ATC is unwilling to price its India towers below $50,000 apiece, while a potential buyer like Brookfield isn’t convinced if it can recover its money from those towers via steady tenancy revenues amid key customer Vi's grim financials,” one of the people cited told ET.
He added that discussions were stuck around valuations as any bulk acquisition of tower assets without assured long-term tenancy revenue would pile up costs for a potential buyer.
Brookfield and ATC could not be reached for comment, Stonepeak declined to comment.
Over the years, ATC had made big bets in India, expanding its towers portfolio aggressively through acquisitions and became the third largest tower infrastructure provider in the country, behind Indus and Brookfield. “Most of their acquisition has been done at peak valuation and today their value has significantly diminished. It’s purely a market where terms are dictated by the tenants, that is the telco. And in ATC’s case, the added complexity is how does one price in the Vi risk,” a suitor who was approached initially said on the condition of anonymity.
In a February 2023 filing with the US Securities and Exchange Commission, ATC said it was exploring strategic alternatives, including the sale of an equity stake in its India operation to one or more private investors amid a challenging business environment. This, after its largest India customer, Vi, had said in early 2023 that it would not resume full payments of what it owed ATC.
Read also<\/h4><\/a><\/figure>ATC finances could take a hit due to Vodafone Idea payment woes: Annual report<\/a><\/h5><\/div><\/a><\/figure>Canadian pension fund CDPQ eyes 50% stake in ATC's India unit<\/a><\/h5><\/div><\/div><\/div>
The US tower company has already taken a $411.6 million impairment charge due to Vi’s partial payments. In its annual report for 2022, the company warned of more potential payment shortfalls by Vi, a scenario that could lead it to periodically evaluate the carrying value of its Indian assets, possibly resulting in more impairment expenses.
A tower sector veteran aware of ATC’s stake sale talks said commanding a $4 billion valuation for its India unit won’t be easy, especially when the market capitalisation of a bigger tower company like Indus — which has nearly 1,90,000 towers — has plunged to around Rs 38,537 crore ($4.7 billion) from around Rs 53,670 crore ($6.55 billion) in August 2022. Indus’s financials too have taken a hit amid customer Vi’s inability to clear its dues. Vi accounts for more than 40% of Indus’s revenue.
Rapid consolidation in telecom coupled with Vi’s continuing inability to clear contractual dues has posed big challenges for tower companies.
Analysts said the presence of two large pan-India tower infrastructure providers in Indus and Brookfield that can easily meet the immediate 5G network expansion needs of India’s top two telcos – Jio and Airtel – could also make an ATC stake sale challenging in the near term, especially with cash-strapped Vi unlikely to recover its stride anytime soon.
In February, Vi had allotted optionally convertible debentures worth Rs 1,600 crore to ATC TIPL against its dues. Vi owes ATC an estimated Rs 2,000 crore.
<\/body>","next_sibling":[{"msid":99800572,"title":"Indus Q4 net profit falls 23% on year; Vodafone Idea dues weigh","entity_type":"ARTICLE","link":"\/news\/industry\/indus-q4-net-profit-falls-23-on-year-vodafone-idea-dues-weigh\/99800572","category_name":null,"category_name_seo":"industry"}],"related_content":[],"msid":99800603,"entity_type":"ARTICLE","title":"ATC looks to sell majority stake, also open to 100% sale and exit India; revives talks with Brookfield","synopsis":"Boston-based ATC\u2019s discussions with Brookfield, which already owns Summit Digitel (that houses the telecom towers acquired from Reliance Jio), is believed to have been progressing. Brookfield is only keen on a 100% acquisition of ATC Telecom Infrastructure Pvt Ltd (ATC TIPL), however valuations remain a sticky point still between the two.","titleseo":"industry\/atc-looks-to-sell-majority-stake-also-open-to-100-sale-and-exit-india-revives-talks-with-brookfield","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}},{"author_name":"Arijit Barman","author_link":"\/author\/16028\/arijit-barman","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/16028.cms?width=100&height=100","author_additional":{"thumbsize":true,"msid":16028,"author_name":"Arijit Barman","author_seo_name":"arijit-barman","designation":"Journalist","agency":false}}],"analytics":{"comments":0,"views":9798,"shares":0,"engagementtimems":41170000},"Alttitle":{"minfo":""},"artag":"ETTelecom","artdate":"2023-04-27 07:25:47","lastupd":"2023-04-27 07:25:48","breadcrumbTags":["ATC","American Tower Corp","ATC India","Brookfield","Summit Digitel","Reliance Jio","Industry","telecom news","Vodafone Idea"],"secinfo":{"seolocation":"industry\/atc-looks-to-sell-majority-stake-also-open-to-100-sale-and-exit-india-revives-talks-with-brookfield"}}" data-news_link="//www.iser-br.com/news/industry/atc-looks-to-sell-majority-stake-also-open-to-100-sale-and-exit-india-revives-talks-with-brookfield/99800603">
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ATC看起来出售多数股权,也开放100%销售和出口印度;复苏与布鲁克菲尔德
与布鲁克菲尔德波士顿ATC的讨论,已经拥有峰会Digitel(房屋电信塔从依赖获得Jio),被认为是进步。布鲁克菲尔德只热衷于收购100% ATC电信基础设施Pvt Ltd (ATC TIPL),然而仍然估值仍粘点之间。
读到
美国塔公司是学会重新保持与加拿大布鲁克菲尔德评估一个完整的收购,知情人士说。也和我们进行了单独讨论基础设施基金Stonepeak伙伴和挖掘麦格理和KKR & Co通过其顾问,虽然与后两个讨论被认为一直不冷不热,这些人补充说。
Stonepeak在ATC的美国数据中心业务涉众。然而,总部设在纽约的基金管理着550亿美元的资产,没有印度的存在。它支持无线基础设施企业垂直桥和全球电信塔在菲律宾在其他几个数字和电信资产。,目前还不清楚如果Stonepeak正在寻求一个完整的100%收购或多数控制。
与布鲁克菲尔德波士顿ATC的讨论,已经拥有峰会Digitel(这房子电信塔获得的依赖Jio),被认为是进步。布鲁克菲尔德只热衷于收购100% ATC电信基础设施Pvt Ltd (ATC TIPL),然而仍然估值仍粘点之间。
高级管理人员、律师和咨询师意识到讨论说ATC是寻找一个企业价值高达40亿美元的印度单位,很大程度上与它强大的印度塔资产组合2022年12月- 76826塔。另一方面,追求者不愿意支付任何控制溢价和谈判-30亿2.8美元估值,担心在未来可持续发展的租赁收入流入,鉴于金融斗争的继续沃达丰的想法(Vi),在印度ATC的最大客户。
ATC的最初计划出售其印度子公司50%的股份隐含co-control潜在平等的合作伙伴。但不冷不热的买家的胃口似乎诱导美国塔公司迅速改变策略。
“ATC价格不愿其印度塔低于50000美元,尽管布鲁克菲尔德这样的潜在买家不相信如果能恢复其从那塔通过稳定的租赁收入在关键客户Vi的严峻金融,“引用的一个人告诉等。
他补充说,被困在讨论任何批量购置塔资产估值没有保证长期租赁收入将增加成本的一个潜在的买家。
布鲁克菲尔德和ATC无法置评,Stonepeak拒绝置评。
多年来,ATC了大赌注在印度,扩大其塔组合积极通过并购,成为第三大塔基础设施供应商,仅次于印度和布鲁克菲尔德。“大多数的收购已经完成在高峰估值,今天他们的价值大大降低。这是纯粹的一个术语是由租户的市场,这就是电信。在ATC的情况下,增加的复杂性是如何价格在Vi风险,”一位追求者接近最初在匿名的条件下说。
在2023年2月提交给美国证券交易委员会(sec)、ATC说这是探索战略替代方案,包括其印度业务的股权出售给一个或多个私人投资者在一个具有挑战性的商业环境。后,其最大的印度客户,Vi,在2023年初曾表示,它不会恢复全面的支付欠ATC。
美国塔公司已经采取了一项4.116亿美元的减值支出由于Vi部分支付。在其2022年年报,该公司警告称,更多潜在支付不足六世,一个场景,可能导致它定期评估其印度资产的账面价值,可能导致更多的损害费用。
塔部门资深意识到ATC的股权出售谈判说指挥40亿美元估值的印度单位并不容易,尤其是当一个大塔公司的市值像印度河——将近90000塔——已经跌至约38537卢比(47亿美元)从53670卢比(65.5亿美元)在2022年8月。印度河的金融类股也受到打击,客户Vi无法明确其会费。印度河Vi占超过40%的收入。
快速整合电信加上Vi的持续无法明确合同会费为塔公司提出了巨大的挑战。
分析师表示,存在两大pan-India塔基础设施提供商在印度河和布鲁克菲尔德,可以很容易地满足眼前的5 g网络扩张的需要印度的两大电信公司——Jio和旅馆,也可以做一个ATC股权出售短期挑战,特别是在资金短缺的Vi不太可能很快恢复其步伐。
今年2月,Vi已经分配的选择可转换债券价值1600卢比的ATC TIPL对其会费。Vi欠ATC估计有2000卢比。
The US tower company is learnt to have re-engaged with Canada’s Brookfield<\/a>, which is evaluating a full buyout, people with knowledge of the matter said. It has also held separate discussions with US infrastructure fund Stonepeak Partners and tapped Macquarie and KKR & Co through its advisors, though discussions with the latter two are believed to have been lukewarm, these people added.
Stonepeak is a stakeholder in ATC’s US data-centre business. However, the New York-headquartered fund, with $55 billion of assets under management, does not have an India presence. It had backed wireless infrastructure ventures like Vertical Bridge and Globe Telecom Towers in the Philippines among several other digital and telecommunications assets. It is not clear yet if Stonepeak is seeking a full 100% acquisition or a majority control.
Boston-based ATC’s discussions with Brookfield, which already owns Summit Digitel<\/a> (that houses the telecom towers acquired from Reliance Jio<\/a>), is believed to have been progressing. Brookfield is only keen on a 100% acquisition of ATC Telecom Infrastructure Pvt Ltd (ATC TIPL), however valuations remain a sticky point still between the two.
Senior executives, lawyers and consultants aware of the discussions said ATC is looking for an enterprise value upwards of $4 billion for its Indian unit, largely linked to its strong India tower assets portfolio — 76,826 towers as of December 2022. On the other hand, the suitors are unwilling to pay any control premium and are negotiating for a $2.8-3.0 billion valuation, worried about sustainability of the tenancy revenue inflows in future, given the continuing financial struggles of Vodafone Idea<\/a> (Vi), ATC’s biggest customer in India.
ATC’s initial plans to sell a 50% stake in its Indian unit implied co-control with a potential equal partner. But lukewarm buyer appetite appears to have induced the US tower company to change the strategy swiftly.
“ATC is unwilling to price its India towers below $50,000 apiece, while a potential buyer like Brookfield isn’t convinced if it can recover its money from those towers via steady tenancy revenues amid key customer Vi's grim financials,” one of the people cited told ET.
He added that discussions were stuck around valuations as any bulk acquisition of tower assets without assured long-term tenancy revenue would pile up costs for a potential buyer.
Brookfield and ATC could not be reached for comment, Stonepeak declined to comment.
Over the years, ATC had made big bets in India, expanding its towers portfolio aggressively through acquisitions and became the third largest tower infrastructure provider in the country, behind Indus and Brookfield. “Most of their acquisition has been done at peak valuation and today their value has significantly diminished. It’s purely a market where terms are dictated by the tenants, that is the telco. And in ATC’s case, the added complexity is how does one price in the Vi risk,” a suitor who was approached initially said on the condition of anonymity.
In a February 2023 filing with the US Securities and Exchange Commission, ATC said it was exploring strategic alternatives, including the sale of an equity stake in its India operation to one or more private investors amid a challenging business environment. This, after its largest India customer, Vi, had said in early 2023 that it would not resume full payments of what it owed ATC.
Read also<\/h4><\/a><\/figure>ATC finances could take a hit due to Vodafone Idea payment woes: Annual report<\/a><\/h5><\/div><\/a><\/figure>Canadian pension fund CDPQ eyes 50% stake in ATC's India unit<\/a><\/h5><\/div><\/div><\/div>
The US tower company has already taken a $411.6 million impairment charge due to Vi’s partial payments. In its annual report for 2022, the company warned of more potential payment shortfalls by Vi, a scenario that could lead it to periodically evaluate the carrying value of its Indian assets, possibly resulting in more impairment expenses.
A tower sector veteran aware of ATC’s stake sale talks said commanding a $4 billion valuation for its India unit won’t be easy, especially when the market capitalisation of a bigger tower company like Indus — which has nearly 1,90,000 towers — has plunged to around Rs 38,537 crore ($4.7 billion) from around Rs 53,670 crore ($6.55 billion) in August 2022. Indus’s financials too have taken a hit amid customer Vi’s inability to clear its dues. Vi accounts for more than 40% of Indus’s revenue.
Rapid consolidation in telecom coupled with Vi’s continuing inability to clear contractual dues has posed big challenges for tower companies.
Analysts said the presence of two large pan-India tower infrastructure providers in Indus and Brookfield that can easily meet the immediate 5G network expansion needs of India’s top two telcos – Jio and Airtel – could also make an ATC stake sale challenging in the near term, especially with cash-strapped Vi unlikely to recover its stride anytime soon.
In February, Vi had allotted optionally convertible debentures worth Rs 1,600 crore to ATC TIPL against its dues. Vi owes ATC an estimated Rs 2,000 crore.
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<\/a><\/figure>ATC finances could take a hit due to Vodafone Idea payment woes: Annual report<\/a><\/h5><\/div><\/a><\/figure>Canadian pension fund CDPQ eyes 50% stake in ATC's India unit<\/a><\/h5><\/div><\/div><\/div>
The US tower company has already taken a $411.6 million impairment charge due to Vi’s partial payments. In its annual report for 2022, the company warned of more potential payment shortfalls by Vi, a scenario that could lead it to periodically evaluate the carrying value of its Indian assets, possibly resulting in more impairment expenses.
A tower sector veteran aware of ATC’s stake sale talks said commanding a $4 billion valuation for its India unit won’t be easy, especially when the market capitalisation of a bigger tower company like Indus — which has nearly 1,90,000 towers — has plunged to around Rs 38,537 crore ($4.7 billion) from around Rs 53,670 crore ($6.55 billion) in August 2022. Indus’s financials too have taken a hit amid customer Vi’s inability to clear its dues. Vi accounts for more than 40% of Indus’s revenue.
Rapid consolidation in telecom coupled with Vi’s continuing inability to clear contractual dues has posed big challenges for tower companies.
Analysts said the presence of two large pan-India tower infrastructure providers in Indus and Brookfield that can easily meet the immediate 5G network expansion needs of India’s top two telcos – Jio and Airtel – could also make an ATC stake sale challenging in the near term, especially with cash-strapped Vi unlikely to recover its stride anytime soon.
In February, Vi had allotted optionally convertible debentures worth Rs 1,600 crore to ATC TIPL against its dues. Vi owes ATC an estimated Rs 2,000 crore.
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