GIC, Brookfield Team Up On $3.4B Indian Telecom Biz Deal

Law360 (September 1, 2020, 10:28 AM EDT) — A group featuring Singapore sovereign investor GIC and Brookfield Infrastructure Partners has agreed to buy an India-based telecom tower business featuring about 135,000 communication towers from Reliance Industrial Investments and Holdings Ltd. for roughly $3.4 billion, the companies said Tuesday.

The terms of the transaction will see the group — comprising affiliates of GIC Pte. Ltd., Brookfield and other unidentified co-investors — acquire the telecommunication network of Reliance Jio Infocomm Ltd., which is a subsidiary of Indian conglomerate Reliance Industries Ltd., according to a statement from GIC. 

The target’s portfolio includes about 135,000 communication towers that were recently erected and are…

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