American Tower: Sale of India Business Dampens Long-Term Growth Potential; FVE to $215 From $225

American Tower has agreed to sell its entire India business to Brookfield Asset Management for $2.0 billion-$2.5 billion. The firm expects the deal to close in the second half of 2024. India had been a huge detriment for American Tower, but we believe the difficulties had largely passed, and we are bullish on tower prospects in the country. The selling price does not reflect the long-term value we projected from American Tower’s presence in India, leading us to reduce our fair value estimate for the firm to $215 per share from $225.