ATC to buy out Tata Teleservices

American Tower Corp (ATC) is in talks with Tata Teleservices Ltd to acquire its remaining 13 per cent stake in ATC Telecom Infrastructure Pvt. Ltd. The deal is likely to be valued at $357 million (Rs 2,500 crore). After this deal, ATC will hold a 90 per cent stake in the tower company. The remaining stake is held by Macquarie-controlled funds. In 2015, American Tower had first acquired a 51 per cent stake in the telecom tower company then known as Viom Networks Ltd from Tata Teleservices and others for $962 million (Rs 7,635 crore). The US company subsequently renamed the Indian tower company as ATC Telecom Infrastructure. In October 2018, Tata Teleservices agreed to sell half of its 26 per cent stake and IDFC divested its 2 per cent stake in ATC Telecom to the US company for $420 million (Rs 2,940 crore). ATC Telecom Infrastructure is the second-largest telecom tower company in India with around 78,000 towers. It trails the company that is being created after the merger of Indus Towers Ltd and Bharti Infratel Ltd. Tata Teleservices is separately in the final stages of selling its consumer mobility business to Bharti Airtel Ltd.