Following the completion of a ₹900 crore equity deal, Brookfield-backed Tower Infrastructure Trust has announced that it now owns all of Space Teleinfra Private Limited (STIPL) operations. The deal was sealed with Ambit Private Limited acting as an advisor to the shareholders.
STIPL is a provider of home coverage solutions to customers in India. Tower Infrastructure Trust is funding the acquisition by offering a mix of cash and share units of its firm which will be given to selling shareholders.
Tower Infrastructure Trust has a mutual-fund-like operation that allows both individual and institutional investors to find and invest in viable infrastructure-related ventures and projects.
The deal, which should be finalized within the second half of 2021, is still subject to standard regulatory approvals.
“With the onset of 5G and data consumption trends, seamless indoor connectivity becomes as essential as outdoor connectivity and this transaction will open new horizons for STIPL to lead this opportunity further. Through our ownership of units of Tower InvIT, we look forward to participating in the next chapter of growth in the shared Telecom Infrastructure business,” Ankit Goel, co-founder and managing director of STIPL commented.
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