American Tower closes sale of India operations to Brookfield for ~$2.5B

AMERICAN TOWER CORP /MA/

Total cash proceeds of ~INR 210B (~$2.5B) from sale of 100% of ATC TIPL to Brookfield-sponsored Data Infrastructure Trust.
Proceeds include ~$2.2B at closing and ~$320M from monetized Vodafone Idea debentures and receivables.
Proceeds will be used to repay existing indebtedness, including the India term loan.
Updated 2024 guidance: property revenue $10,830M, Adj. EBITDA $7,185M (incl. discontinued ops); continuing ops proforma AFFO $9.95/share.
Results from ATC India will now be reported as discontinued operations.

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