"The standalone tower business of Idea and Vodafone India are pan India passive telecommunication infrastructure business, comprising combined portfolio of approximately 20,000 towers with combined tenancy ratio of 1.65x as of 30th June 2017", it said in filing with stock exchanges.
"The aggregate cash consideration for the transactions is expected to be Rs 78.5 billion, or approximately $1.2 billion at current exchange rates, subject to customary closing adjustments", said the USA based tower company that had earlier acquired Viom Networks, another Indian tower company.
The merged entity will avoid payment of exit penalties as the combined standalone tower businesses will collapse into single tenancies over a two-year period. And also counter the bruising price war triggered by Mukesh Ambani-owned Reliance Jio Infocomm. This constituted 0.8 per cent of Idea Cellular's total revenues and 0.7 per cent of its net worth for the year.
Vodafone will net $592m from the deal with Indian partner Idea Cellular receiving $615m.
Arcelor Mittal Q3 Profit Climbs On Shipments; Notes Favorable Market Conditions
SG Americas Securities LLC acquired a new stake in shares of ArcelorMittal during the 3rd quarter worth approximately $229,000. Alpine Woods Capital Investors LLC increased its position in shares of ArcelorMittal by 71.3% in the third quarter.
Massive 6.8 magnitude quake SHOCKS Central America
It was initially was measured at a magnitude of 6.7 and happened about 44 miles southwest of the capital at a depth of 6.2 miles. Otto Vargas, a university professor in San Jose who was at home with his family, said: "We're very scared".
Trump slams 'haters' over US-Russia ties, takes dig at Kim Jong
Trump, who is 71 years old, made the comment after attending the Asia-Pacific Economic Cooperation (APEC) summit in Vietnam. Mr Duterte took steps to thaw frosty relations with China after he won the presidency previous year .
Both the companies have about 20,000 towers in India. By selling the respective tower businesses, Idea Cellular would get Rs 4,000 crore, while Vodafone would get around Rs 3,850 crore, Business Standard reported.
Earlier this year, Vodafone India and Idea Cellular announced their merger in order to become the largest telecom player in the country.
Idea will sell its entire stake in ICISL and Vodafone India will sell a business undertaking to ATC TIPL. Accordingly, private equity funds KKR and Canadian Pension Plan Investment Board (CPPIB) had emerged as the top contenders.
The agreement is expected to be completed during the first half of 2018.