Brookfield-backed Tower Infrastructure Trust to acquire Space Teleinfra for ₹900 crore

Brookfield-backed Tower Infrastructure Trust to acquire Space Teleinfra for ₹900 crore
Canva
  • Space Teleinfra is a shared telecom infrastructure provider for voice and data connectivity.
  • The transaction is funded through a combination of cash and units of Tower Infrastructure Investment Trusts (InvITs).
  • The acquisition is customary to regulatory approvals and is expected to close in the second half of 2021.

Brookfield-backed Tower Infrastructure Trust has acquired Space Teleinfra Private Limited (STIPL), a indoor coverage solutions provider in India, for an equity deal of ₹900 crore.

The transaction is funded through a combination of cash and units of Tower Infrastructure Investment Trusts (InvITs) that will be issued to selling shareholders. InvITs is like a mutual fund, which enables direct investment of small amounts of money from which enables direct investment of money from individual and institutional investors in infrastructure.
TOP VIDEOS FOR YOU

The acquisition is customary to regulatory approvals and is expected to close in the second half of 2021. Ambit Private Limited acted as the exclusive financial advisor to the Shareholders.
Advertisement

“With the onset of 5G and data consumption trends, seamless indoor connectivity becomes as essential as outdoor connectivity and this transaction will open new horizons for STIPL to lead this opportunity further. Through our ownership of units of Tower InvIT, we look forward to participating in the next chapter of growth in the shared Telecom Infrastructure business,” Ankit Goel, co-founder and managing director of STIPL said.

Space Teleinfra is a shared telecom infrastructure provider for voice and data connectivity. The company commenced its operation in 2016 focused on providing telecom infrastructure to the mobile network. The company claims to have a well-spread customer base across all the three significant mobile network operators (MNOs) with a pan-India presence.

Tower Infrastructure Trust further expands the suite of passive telecommunication infrastructure services for its customers with this acquisition. The company aims to target macro towers to indoor solutions, which will support the acceleration of India's digital transformation.
Advertisement


SEE ALSO

Swiggy gets a $1.25 billion cheque from Softbank for the same reason Zomato went for an IPO

GlobalBees, a Thrasio-style startup launched by FirstCry and Edelweiss execs, raises $150 million in few months of launch

Advertisement
This toolkit will tell you if your phone is infected by the Pegasus spyware

{{}}