TT&A has assisted the arrangers of USD160 million in financing to Global Infrastructure Partners (GIP) to acquire TowerVision India, a management company specialising in the provision of passive infrastructure to the wireless telecommunications industry.
The TT&A team consisted of partners Sonali Mahapatra and Nidhi Rani, and senior associate Swetha Vadarevu.
The transaction involved a tailor-made structure that a GIP special purpose vehicle, headquartered in Singapore, used to subsequently lend it to an Indian operating entity of GIP through non-convertible debentures, resembling a dual bond structure. Funds raised from the issuance of the debentures were then used to secure majority control of TowerVision India.
This arrangement has enabled GIP to use its existing portfolio company for a bolt-on acquisition, effectively leveraging its resources and expanding its operations in the Indian market.
