American Tower Corporation has acquired 51 per cent stake in Viom Networks for Rs 76.35 billion.

As part of the deal, ATC has purchased a 19 per cent stake from Tata Teleservices Limited (TTSL), Srei Infrastructure’s 18.5 per cent holding, and stakes of some minority shareholders. Meanwhile, the balance is be held by Tata Teleservices Limited (35 per cent), Macquarie SBI Infrastructure Investments, SBI Macquarie Infrastructure Trust and IDFC Private Equity Fund III.

ATC has the option to acquire the balance 35 per cent stake at a later stage. Srei along with other Kanoria Block shareholders will receive Rs 29.52 billion, which will help lower Srei's debt burden. Credit Suisse, Kotak Investment Bank-Evercore and Citi were the financial advisors in the transaction while Luthra & Luthra were the legal advisors on the deal.

The combined entity will own 56,000 towers, including 42,200 towers owned by Viom.