American Tower Corporation (ATC) has agreed a deal to sell its operations in India for INR 210 billion ($2.5bn) to Brookfield Asset Management.

Data Infrastructure Trust (DIT), an infrastructure investment trust sponsored by an affiliate of Canada’s Brookfield Asset Management, has signed a definitive agreement with ATC to acquire 100 percent of the equity interests in American Tower’s operations in India (ATC India).

The announcement of a sale has long been expected, with ATC India heavily linked with a sale last year.

In September, DCD reported that the company was confident of an exit from India and in the latter stages of negotiations.

I Squared Capital had been heavily linked with a deal to buy the assets, but has been pipped by Brookfield.

The deal is expected to close in the second half of 2024, but is subject to customary closing conditions, including government and regulatory approvals.

With more than 226,000 sites worldwide, ATC first entered the Indian market 17 years ago.

The company had more than 77,000 towers in the country as of the end of 2022, although its biggest customer in the country is debt-stricken Vodafone Idea (Vi).

It's the third biggest tower infrastructure services provider in the country, behind Indus Towers and Brookfield-owned Summit Digitel which acquired Reliance Jio's telecom towers.

Brookfield has around 157,000 towers across India and counts Reliance Jio as its anchor tenant.