American Tower Corp.’s Indian subsidiary agreed to acquire the Essar Group’s tower unit for about $430 million to increase its presence in emerging markets.

The transaction, announced in statements today, is American Tower’s third acquisition in India in 12 months. It will more than double the number of cell towers the company will operate in the country. The sale involves three subsidiaries of the Essar Group, which held stakes in Essar Telecom Infrastructure Pvt.Source

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