American Tower Corporation Releases Information Regarding its Business with Tata Teleservices Limited
October 09 2017 - 9:25AM
Business Wire
American Tower Corporation (NYSE: AMT) today released
information about its business in light of press reports regarding
Tata Teleservices Limited (“Tata Teleservices”) in India. For the
quarter ended June 30, 2017, Tata Teleservices accounted for
approximately $80 million, or 5% of American Tower’s consolidated
property revenues, including approximately $32 million of
pass-through revenue. In addition, Tata Teleservices accounted for
approximately $40 million in gross margin for the quarter ended
June 30, 2017.
As of September 30, 2017, the average remaining non-cancellable
contract term with Tata Teleservices was in excess of 6 years.
More than 90% of the revenue and gross margin outlined above was
generated on sites acquired as part of the Viom Networks Limited
(“Viom”) transaction completed in April of 2016. American Tower
Corporation holds a 51% controlling interest in Viom while Tata
Teleservices and Tata Sons Limited hold approximately 33% and 2%
minority interests, respectively.
American Tower expects to fully enforce the average
non-cancelable remaining contract terms on the leases with Tata
Teleservices as well as the other contractual provisions included
in the Viom transaction.
American Tower, one of the largest global REITs, is a leading
independent owner, operator and developer of multitenant
communications real estate with a portfolio of approximately
148,000 communications sites. For more information about American
Tower, please visit www.americantower.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171009005578/en/
American Tower CorporationIgor Khislavsky, 617-375-7500Director,
Investor Relations
American Tower (NYSE:AMT)
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