Davis Polk & Wardwell LLP advised Quadrangle Capital Partners on a $300 million combined equity and debt financing by a Quadrangle-led consortium of private equity investors in Tower Vision, an Indian telecom tower management company. Seven other equity co-investors invested alongside Quadrangle. The terms of the transaction, including the split between debt and equity, were not disclosed.
Tower Vision is based in Delhi and is the second-largest telecom independent tower management company in India with more than 5,000 sites spread across 14 telecom circles. It is an independent telecom tower management company that is not supported by a telecom services provider. It began operating in 2006.
Quadrangle currently has approximately $3 billion of assets under management and focuses on investments in the media and communication sectors. Quadrangle opened its first Asian office in Hong Kong in 2008 and this investment marks Quadrangle’s first transaction in Asia.
The Davis Polk corporate team included partner Mark J. Lehmkuhler and associates Zhan Chen, Gordon Chin and Steven Sha, all of the Hong Kong office. Counsel Margaret M. Ayres of the Washington DC office provided FCPA and anti-corruption law advice.
Tower Vision was advised by Reed Smith. Tatva Legal provided advice with respect to Indian law and R. Chetty provided advice with respect to Mauritius law.
Desai & Diwanji was Quadrangle’s Indian counsel on the transaction and Appleby was Quadrangle’s Mauritius counsel on the transaction.
D.C.