Phoenix Tower buys 215 wireless tower sites from Digicel in the West Indies
Phoenix Tower International (PTI) has completed its transaction with Digicel Antilles Francaises Guyane (Digicel) for the purchase of 215 wireless communication tower sites.
Though the specific details of the transaction remain confidential the deal is said to solidify PTI’s position as a leading tower company in the Caribbean.
Commenting on the deal, Dagan Kasavana, chief executive officer of Phoenix Tower International, said: “PTI is enthused to continue to work closely with Digicel and was uniquely positioned to execute this transaction given our existing presence in the Dominican Republic and Puerto Rico. The French West Indies exhibit the hallmarks of a healthy wireless infrastructure market with multiple wireless operators that have significant network capex needs and a stable regulatory environment.”
Adding that “PTI looks forward to continuing to work with Digicel and the other operators on their network build outs in the French West Indies and sees other opportunities across the Caribbean where PTI is uniquely suited to make investments over the coming years. Because of our flexible investment strategy and strong operating platform, we are able to effectively partner with multinational wireless operators in a way that is truly unique. This transaction further exemplifies PTI’s commitment to help our customers achieve their goals.”
In addition, Colm Delves, CEO of Digicel Group, said: "We're very pleased to be partnering with PTI on this transaction in the French West Indies, having previously done so in El Salvador. We look forward to continue building on the strong partnership already established between Digicel and PTI."
During the sales process Scotiabank acted as the administrative agent and ING acted as the bookrunner on the acquisition financing. Choate Hall & Stewart LLP and Dentons Europe acted as legal advisors to PTI. Orrick and Mayer Brown acted as legal advisors to Digicel.
In related news, Digicel recently won a block of 700MHz spectrum in Panama after approval from the National Public Services Authority. The operator is due to pay $22.5 million for 2×10MHz blocks of 700MHz spectrum in the 738MHz-748MHz/793MHz-803MHz bands, and the frequencies must be put in use within the next 12 months.