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Nasdaq-listed American Tower Corporation has acquired independent telecom tower operator Mumbai-based Xcel Telecom. The company was established in 2006 by former BPL Mobile chief executive Sandip Basu with $500 million funding committment from Texas-based Q Investments. The deal involves American Tower Mauritius entering into an agreement with Q

Investments affiliate Horse-Shoe Capital, Mauritius to acquire the company.

Though the size of the deal has not been revealed, a statement said that the deal is a profitable exit for the private equity investor. Economic Times earlier reported the deal size at Rs 700 crore. The deal is expected to close in the second quarter, subject to customary closing conditions and the completion of customary regulatory and other approvals, said a release.

Xcel presently owns and operates approximately 1,700 wireless communications tower sites and has a number of towers under construction. The combined entity will have around 2,000 tower sites in fifteen telecom circles and a team of approximately 240 employees.

"India is one of the fastest growing telecom markets, with the tower market seeing record growth. We have always maintained that ATC would pursue acquisition opportunities if the right portfolio of towers was available upon fair and reasonable terms," said Amit Sharma, Executive

Vice President and President, Asia for ATC.

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