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American Tower Corporation Announces ACQUISITION OF CONTROLLING INTEREST IN VIOM NETWORKS

The following excerpt is from the company's SEC filing.

Boston, Massachusetts, New Delhi, and Kolkata, India October 21, 2015:

American Tower Corporation (NYSE: AMT), Tata Teleservices Limited, and SREI Infrastructure Finance Limited today announced that they, along with several other minority holders, have entered into a definitive agreement pursuant to which American Tower will acquire a 51% controlling interest in Viom Networks Limited (Viom). Viom currently owns and operates approximately 42,200 wireless communications towers and 200 indoor distributed antenna systems across India. The total cash consideration will be INR 76 billion.

At closing, Tata Teleservices Limited will retain a part of its holding, with Macquarie SBI Infrastructure Investments Pte Limited, SBI Macquarie Infrastructure Trust and IDFC Private Equity Fund III retaining certain interests. Under the agreement, American Tower may acquire or be required to acquire all or a portion of the remaining 49% ownership stake in Viom. Additionally, the parties have agreed that, post-closing, American Towers existing Indian portfolio of approximately 14,000 towers will be merged with Viom, resulting in certain ownership adjustments.

With a population of nearly 1.3 billion people, rapidly growing smartphone penetration and limited fixed line infrastructure, Indias vibrant wireless industry is poised for a sustained period of network investment, said James D. Taiclet, Jr., American Towers Chairman, President and Chief Executive Officer. ATC Indias greatly expanded portfolio of towers will enable us to play a key role in providing the communications real estate essential to the deployment of advanced wireless technologies throughout the country and to support the Indian governments Digital India Initiative.

Commenting on the transaction, Ishaat Hussain, Director, Tata Teleservices Limited, said This partnership with ATC presents an opportunity for Tata Teleservices to leverage an enhanced infrastructure portfolio to better address the rapidly expanding market for next generation data services in India.

Sunil Kanoria, Chairman and Managing Director of Viom and Vice Chairman of SREI Infrastructure Finance Limited, noted that We have built one of the best assets in the telecom tower space with robust cash flow stream, the highest tenancy ratio in the industry and a well-diversified tenant mix, besides creating a world class management team. We are pleased to have found a new management team for Viom, and believe that ATC is well positioned to continue to optimize these assets given its proven track record...


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