Tata Teleservices flies on Quippo deal
Friday, 19 March 2010
MUMBAI, Mar 18 (Business Recorder):Tata Teleservices (Maharashtra) has zoomed after selling its tower business to Quippo Telecom Infrastructure and Wireless TT Info Services (Quippo-WTTIL) for Rs 13 billion. The Tata group company is quoting at Rs 24, stronger by Rs 1 or 4.4 per cent, on the BSE. A total of 0.9.6 million shares have been traded on the counter thus far as against the two-week average of 0.5.39 million shares.
This would take the overall portfolio of Quippo-WTTIL to over 38,000 towers, making it the largest independent tower company in India. GTL Infrastructure, which purchased Aircel's tower business recently, has 32,500 towers. American Tower Company is the third largest, with 25,413 towers.
The deal, done at Rs 5.02 million per tower, is higher than some recent deals in the telecom tower space. GTL's Rs 84-billion acquisition of Aircel valued each tower at Rs 4.08 million, while American Tower's Rs 20-billion acquisition of Essar's telecom towers valued every tower at Rs 4.05 million.
This would take the overall portfolio of Quippo-WTTIL to over 38,000 towers, making it the largest independent tower company in India. GTL Infrastructure, which purchased Aircel's tower business recently, has 32,500 towers. American Tower Company is the third largest, with 25,413 towers.
The deal, done at Rs 5.02 million per tower, is higher than some recent deals in the telecom tower space. GTL's Rs 84-billion acquisition of Aircel valued each tower at Rs 4.08 million, while American Tower's Rs 20-billion acquisition of Essar's telecom towers valued every tower at Rs 4.05 million.