The deal is expected to close in the second half of 2024, American Tower said. The US company struck a deal to sell the business to an infrastructure investment trust backed by an affiliate of Brookfield’s, it said.

The sale lets American Tower focus on its telecommunications tower and data centre businesses in markets such as the US. Investment firm Brookfield is betting on growth in India, whose economy is outpacing that of other large countries and where smartphone usage is increasing rapidly.

American Tower started operations in India in 2007 and its portfolio in the country has since expanded to more than 75,000 towers, becoming its largest overseas business, according to its website. The company serves all the nation’s major telecommunications services providers.

Shares of American Tower are little changed over the past year, giving the company a market value of US$100 billion. Citigroup Inc and CDX Advisors LLC are the financial advisers to American Tower.