MUMBAI: American Tower Corporation announced that it has closed its previously announced acquisition of a 51 per cent controlling ownership interest in Viom Networks Limited (Viom), an owner and operator of over 42,000 communications sites in India. With this acquisition, ATC will own 57,000 towers in India.

The total consideration for the acquisition consisted of a cash payment of approximately Rs 76 billion (Rs 7,600 crore) as well as the assumption of approximately Rs 51 billion (Rs 5,100 crore) in existing rupee-denominated debt. American Tower used borrowings under its existing revolving credit facilities as well as cash on hand to satisfy the cash portion of the purchase price.

Commenting on the acquisition, American Tower Asia executive president and president for Asia, Amit Sharma  said, “The acquisition of Viom makes us the leading independent telecom infrastructure provider and will allow us better serve our customers as they expand their 3G/4G network reach and capacity. It will also enable us to play a key role in providing critical communications real estate and vital passive telecom infrastructure essential to the Indian government’s Digital India Initiative.”