American Towers confirms its deal to buy Essar Towers of India

 Telecoms tower firm American Tower Corp  is close to signing a deal to buy Essar Group's telecom towers in India for an enterprise value of $450 million, a person familiar with the deal said on Wednesday. "The deal is done. Total value is $450 million including some debt," the source said, adding an announcement could be made only after the companies sign formal documents.

The Economic Times on Wednesday reported the deal and said an announcement was likely later in the day. It said the valuation included $300 million in equity and assumption of $150 million of debt held by India-based Essar's tower business.

U.S.-based American Tower is spreading its wings in India and bought local tower firms Xcel Telecom and Transcend last year. The company currently owns about 2,000 tower sites in India, and more than 26,000 globally, according to its website.