American Tower (AMT +0.5%) has raised its infrastructure presence in India by a third, with a deal to pay 78.5B rupees (about $1.2B) for some 20,000 towers from Idea Cellular and Vodafone (VOD -1.9%).
That move comes as Idea and Vodafone's India business get set to merge, and begin selling off assets for debt repayment.
American Tower's deal is expected to close in the first half of next year, and generate about $320M in property revenue and $120M in gross profits for the first full year.
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