MUMBAI -- American Tower Corp is set to buy a majority stake in India's Viom Networks, in a deal that could be announced as early as Wednesday, two sources directly involved in the negotiations said.
American Tower would buy a 51 percent stake in Viom, which owns and operates about 42,000 mobile phone masts, from the existing shareholders, one of the sources said.
Indian newspaper reports, which first carried news of the deal, said the transaction could be worth as much as 200 billion rupees ($3.1 billion), including debt.
Viom is majority owned by mobile phone carrier Tata Teleservices Ltd, with Kolkata-based SREI Group holding about 18 percent. Viom's other shareholders are Singapore state investor GIC, Macquarie SBI Infrastructure Fund, Oman Investment Fund and India's IDFC Private Equity.
American Tower and Tata Teleservices did not immediately reply to emails seeking comment.