Tower Infrastructure Trust (Tower InvIT), backed by global infrastructure investors and sponsored by Brookfield, has agreed to purchase Space Teleinfra Ltd for $120 million. A milestone-based compensation is also included in the agreement.
Space Teleinfra is a voice and data connection shared telecom infrastructure provider that started operations in 2016. It specializes in supplying outdoor small cells, in-building solutions, and rooftop towers to mobile network operators (MNOs).
The firm is present throughout India.
Space Teleinfra was founded by Ankit Goel and Radhey R Sharma. The founders and other shareholders of Space Teleinfra will be compensated in cash and Tower InvIT units as part of the acquisition.
Ambit Pvt Ltd served as the stockholders’ only financial advisor.
“Considering the synergies with Tower InvIT, this transaction will outline significant growth opportunities for Space Teleinfra. With the onset of 5G and data consumption trends, seamless indoor connectivity becomes as essential as outdoor connectivity, and this transaction will open new horizons for Space Teleinfra to lead this opportunity further. Through our ownership of units of Tower InvIT, we look forward to participating in the next chapter of growth in the shared telecom infrastructure business,” said Ankit Goel, co-founder and managing director of Space Teleinfra.
“This transaction marks a coming of a new age of the indoor connectivity business in India. After this transaction, the joint platform would now be able to offer preeminent and holistic solutions to MNOs with best-in-class service offerings across segments. With strong management teams of Space Teleinfra and Tower InvIT, and marquee investors, Space Teleinfra is well poised to continue its leadership,” said Radhey R Sharma, co-founder, and director of Space Teleinfra.