Tower Infrastructure Trust (Tower InvIT) announced that it has signed binding agreements to acquire Space Teleinfra Private Limited (STIPL), a indoor coverage solutions provider in India.
Tower InvIT will be acquiring STIPL for an equity consideration of INR 900 crore (subject to closing adjustments) and additional milestone-based considerations, which will be funded through a combination of cash and units of Tower InvIT to be issued to selling shareholders, the company said in its release.
Founded in 2016 by Ankit Goel and Radhey R Sharma, STIPL deploys In Building Solutions (IBS) at metros, airports, commercial and retail establishments, providing 2G, 3G & 4G network through a common shared infrastructure to telecom operators.
STIPL is also expanding in areas such as Outdoor Small Cells. The imminent deployment of 5G networks is expected to further increase densification requirements of mobile operators in India, which STIPL is well positioned to capture, it said.
With this acquisition, Tower Infrastructure Trust further expands the suite of passive telecommunication infrastructure services for its customers, from macro towers to indoor solutions which will support the acceleration of India’s digital transformation, the statement said.
Closing of the acquisition is subject to customary closing conditions and regulatory approvals and is expected to occur in the second half of 2021.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.