PTI to become largest tower owner in Chile with latest deal
Phoenix Tower International (PTI) has entered a definitive agreement with WOM in Chile to acquire around 3,800 tower sites in the country.
PTI will acquire 2,334 sites at the initial closing of the sale with an additional 1,466 to be added by 2024 for approximately US$930 million.
After the completion of the transaction, PTI will become the largest communications tower owner in Chile, expanding its global presence to over 22,000 towers in 19 countries.
“PTI is excited to enter the wireless infrastructure market in Chile,” said Dagan Kasavana, CEO of PTI.
We have strong relationships with all four Mobile Network Operators in the country, each of which will be deploying 5G networks in the near term.
We are proud of our partnership with WOM and the continued expansion of the relationship that this transaction represents.”
The deal will be funded in part by a financing facility led by Scotiabank and supplemented by PTI’s additional finance providers.
The equity for the transaction is set to be provided by several Blackstone funds, including those managed by its infrastructure and tactical opportunities businesses.
Sebastian Precht, WOM CEO added: “This deal enables WOM to strengthen our focus to provide affordable, easy–to-access, world-class connectivity to all Chileans and will allow us to fulfill our promise to deliver the best service at fair prices.
“It also enables us to strengthen our investment in Chile, particularly expanding 5G coverage from Arica to Punta Arenas over the next several months, as well as expanding coverage into rural areas of the country by delivering upgraded connectivity and contributing to a reduction of the digital gap.”
The closing of the deal is expected to happen in Q3 of this year.