Boston-based American Tower Corp (ATC), a major provider of wireless and broadcast towers worldwide, has agreed to buy Essar Telecom Infrastructure (ETIPL) in an all-cash deal for an enterprise value of $450 million. ATC will pay $300 million as equity and also take the responsibility of repaying ETIPL's $150-million debt, which the tower company has taken from some domestic banks and non-banking finance companies.

The deal will be ATC's third acquisition in India in the past one year. The debt of the company, which will be taken over by ATC, will either be rolled over or refinanced. Most of the debt is long-term in nature. Barclays Capital is the only banker for ETIPL. Wh

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