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CDPQ in talks to buy 50% stake in ATC TIPL
Canadian pension fund Caisse de dépôt et Placement du Québec is in talks with American Tower Corporation to buy a 50 per cent stake in its Indian unit. Both CDPQ and KKR had earlier submitted non-binding bids, but the latter is believed to have gone slow while the Canadian fund has initiated due diligence.
The valuation of the Indian arm is pegged at $1.5-2 billion. The fund had earlier unsuccessfully pursued an investment in Indus Towers, India’s largest mobile tower installation company.
Why it’s important. American Tower has been looking to cut its exposure in the country amid rising business challenges. The sale might not be easy as a potential buyer would want guaranteed business and steady revenue streams from telco customers in India. Moneycontrol
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