30 October 2015
Clifford Chance assists American Tower on $1.17 billion acquisition of controlling interest in Viom Networks
A New York-based team of Clifford Chance lawyers has advised American Tower Corporation on its agreement to acquire a majority stake in India's Viom Networks Limited. ATC purchased the 51% controlling interest for $1.17 billion, with Tata Teleservices Limited, Macquarie SBI Infrastructure Investments Pte Limited, SBI Macquarie Infrastructure Trust and IDFC Private Equity Fund III continuing to hold Viom's remaining equity. The transaction is expected to close in mid-2016, subject to regulatory approval.
This strategic deal by ATC reflects the increasing demand in India for mobile high-speed 3G and 4G broadband networks, due in large part to the country's relatively young population and rapidly growing income levels. Once completed, American Tower's Indian portfolio will include more than 55,000 wireless communications towers, making it the country's second-largest mobile mast operator.
Clifford Chance partner John Graham is leading the team of lawyers advising American Tower on this transaction, along with associates Matthew Warner, Sarah El-Ghazaly and Marissa Marco. Tax partner Donald Carden and associate Rebecca Pereira advised on certain tax aspects of the deal.