Approval Granted: Economic Analysis Secures Regulatory Approval to Form India’s Largest Telecom Tower Company
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May 20, 2025
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Data Infrastructure Trust (“DIT”), an affiliate of Brookfield Asset Management, proposed to acquire ATC Telecom Infrastructure Private Limited (“ATC India”), which would create the largest passive telecom infrastructure provider in India (in terms of macro sites).1 During its investigation, the Competition Commission of India (“CCI”) received objections that the proposed acquisition would lead to an adverse impact on competition in the market. To navigate this hurdle and secure approval for the proposed acquisition, DIT looked to FTI Consulting and Compass Lexecon to provide expert economic analysis to support its filing to the CCI.
- FTI Consulting and Compass Lexecon demonstrated that the proposed acquisition would not lead to an adverse impact on competition, due to countervailing buyer power, spare capacity in the market and the nature of long-term tenancy contracts.
- The CCI accepted our arguments and, in August 2024, unconditionally approved the proposed acquisition after a Phase I investigation, allowing the parties to quickly close the transaction.
- By securing this unconditional approval, the merged entity will not have to divest any assets and will not be bound by any behavioral commitments.
Our Role:
- Our economic experts performed an in-depth review of the passive telecom infrastructure industry in India and prepared an expert economist report.
- The team delineated the relevant market, based on demand and supply-side substitutability, analyzed market shares and concentration in this market and determined the extent of buyer power, spare capacity and nature of contracts, as well as the impact of these factors on competition in the market.
- Drawing on detailed market analysis and economic expertise, the team helped demonstrate that the proposed acquisition would not harm competition — clearing a key hurdle for the deal to move forward.
About the Authors:
Justin Coombs – Justin is an Executive Vice President and head of Compass Lexecon’s London office. He is an applied economist with over 25 years’ experience in competition policy and economic regulation, and has acted as an expert before UK, EU and other national authorities and courts.
Kadambari Prasad – Kadambari is a Vice President at Compass Lexecon in London. She specialises in competition and regulatory matters, with experience in abuse of dominance investigations, cartel cases, merger control, and economic analysis in arbitration. She has particular expertise in digital markets and the valuation of intellectual property, including standard essential patents.
Neha Georgie – Neha is a Senior Economist at Compass Lexecon in Singapore. She advises on a broad range of competition matters across Asia and Europe, including cartel investigations, merger control, and abuse of dominance. Her experience spans both private and public sectors, with a focus on sectors such as digital, healthcare, and transport.
1: Or the second largest, depending on the metric used.
Published
May 20, 2025
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