GTL Infra Snaps Up Aircel Telecom Towers For $1.9B

Law360, New York (January 14, 2010, 2:07 PM EST) -- India's GTL Infrastructure Ltd. has reached a deal to buy Aircel Ltd.'s telecom tower business in an all-cash deal valued at $1.85 billion.

GTL Infra said the tie-up, once complete, will represent the largest all-cash purchase transaction in India's corporate history. In addition, the deal will create the world's largest independent telecom tower company, with more than 32,500 towers.

GTL Infra has structured the transaction through a special purpose vehicle to buy Aircel's 17,500 existing towers, it said.

Under the agreement, in addition to the existing...
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