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EY has successfully advised Excel Telesonic India (CloudExtel) in raising growth capital and providing an exit to its exiting investor, Bombay Gas Company, through a strategic capital raise from Macquarie Capital for over US$100 million.
Macquarie Capital’s investment will enable CloudExtel to further develop and roll out its telecommunications infrastructure portfolio, particularly in small cells and fibre, while continuing to create new Naas solutions towards virtualised networks, which will facilitate improved performance and faster data connectivity for end users.
CloudExtel is a network-as-a-service (NaaS) provider offering infrastructure services such as small cell hosting, FTTH, intra-city fibre, and virtualized networks that provide solutions to telecom operators, internet service providers, data centres, enterprises, and large content providers for addressing the challenges emerging from the hyper-growth of data consumption in India.
Macquarie Group has a large investment footprint in the telecommunications and digital infrastructure sectors, with investments across its group including over US$3 billion invested in the tower infrastructure space globally, spanning more than 50,000 towers combined. Macquarie wants to leverage its global experience to support CloudExtel in expanding its telecommunications portfolio.
EY was the exclusive M&A sell side banker on this transaction - the largest deal in the new age digital infrastructure and solutions space. The transaction was consummated at market leading transaction multiples and received overwhelming interest from multiple investors.