Tower Infrastructure Trust buys Space Teleinfra at Rs 900 cr

Brookfield-backed Tower Infrastructure Trust acquired prime neutral host provider in India, Space Teleinfra Private Limited (STIPL), for Rs 900 crore. The transaction financing is via a combination of units of Tower InvIT and cash issued to selling shareholders. The company told the media that the transaction is subject to several regulatory and additional customary provisions precedent common in transactions of this nature. Tower Infrastructure Trust has a necessary market share of India’s outdoor macro tower market. It is a SEBI designated Infrastructure Investment Trust funded by Brookfield and supported by leading global infrastructure investors. Ankit Goel, Co-founder, and Managing Director, STIPL, told the media that the deal would plan significant growth possibilities for STIPL considering the synergies among Tower InvIT. He further said that with the start of 5G and other data consumption trends, indoor connectivity becomes necessary as outdoor connectivity and the deal would unlock new doors for STIPL to take this opportunity ahead. Earlier in 2019, Brookfield Partners acquired 1.3 lakh towers from Reliance Jio for approximately Rs 25,000 crore and later on, it became the sponsor of Tower Infrastructure Trust. STIPL is a flourishing shared telecom infrastructure supplier for data and voice connectivity. The company began its operations in 2016 on giving telecom infrastructure to the mobile network. The firm has developed quickly in a short period. It has a well-spread client base over all the three key MNOs, including a pan-India presence. Image Source Also read: Jaypee Infratech acquisition: NBCC, Suraksha to submit revised bids