By Colin Kellaher
Brookfield Infrastructure Partners L.P. (BIP.UN.T, BIP) on Monday said it agreed to buy a telecom tower company in India from a unit of Reliance Industries Ltd. (500325.BY) in a $3.7 billion deal.
Brookfield, the listed infrastructure unit of Toronto alternative asset manager Brookfield Asset Management Inc. (BAM.A.T, BAM), said it would invest about $375 million, with the balance being funded by its institutional partners.
Brookfield said the acquisition includes a portfolio of roughly 130,000 communication towers that form the infrastructure backbone of Reliance Jio's telecom business. The company said Reliance Jio is an anchor tenant of the portfolio under a 30-year master services agreement, providing a secure source of revenue for the tower company.
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