Brookfield sponsored Tower Infrastructure Trust to acquire Space Teleinfra
Photo Credit: Pixabay

Tower Infrastructure Trust (Tower InvIT), sponsored by Brookfield and backed by global infrastructure investors, has struck an agreement to buy Space Teleinfra Ltd for Rs 900 crore ($120 million).  

The deal also has a milestone-based consideration.

Space Teleinfra is a shared telecom infrastructure provider for voice and data connectivity which commenced operations in 2016, It focuses on providing infrastructure to mobile network operators (MNOs) for outdoor small cells, in-building solutions and rooftop towers. The company has a pan-India presence. 

Ankit Goel and Radhey R Sharma are founders of Space Teleinfra. As part of the deal, the founders and other shareholders of Space Teleinfra will receive the consideration by way of cash and units in Tower InvIT. 

 Ambit Pvt Ltd acted as the exclusive financial advisor to the shareholders. 

“Considering the synergies with Tower InvIT, this transaction will outline significant growth opportunities for Space Teleinfra. 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 Space Teleinfra 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,” said Ankit Goel, co-founder and managing director of Space Teleinfra. 

“This transaction marks a coming of new age of the indoor connectivity business in India. After this transaction, the joint platform would now be able to offer preeminent and holistic solutions to MNOs with best-in-class service offerings across segments. With strong management teams of Space Teleinfra and Tower InvIT, and marquee investors, Space Teleinfra is well poised to continue its leadership,” said Radhey R Sharma, co-founder and director of Space Teleinfra. 

Khaitan and Co acted as legal advisor and Bobby Parikh Associates acted as the tax adviser to the shareholders. 

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