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Private equity invests $300m in Tower Vision
04 February 2010
A US-based private equity company is to invest $300 million in an Indian operator of mobile phone towers
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India
towers
Quadrangle
Aircel
Maxis
Tower Vision
GTL
Quadrangle Capital Partners and a consortium of investors have acquired stakes in Tower Vision India. The equity capital and some additional debt financing will offer the wireless towers manager $300 million to boost its portfolio of transmission sites.
The New York-based private equity fund, which has $3 billion in assets under management, will assume a “significant minority” share of Tower Vision.
The fund’s investments in the region will concentrate on telecommunications, media and technology in India, China and Australia.
The operator of mobile-phone towers, GTL Infrastructure, has already proposed to take over transmission sites from Maxis Communications’ Aircel subsidiary for $1.8 billion, to help double its network in India.
Quadrangle Capital, co-founded by Steven Rattner, is looking to inject between $100 million and $250 million in each of its companies. GTB