KINGSTON, Jamaica, September 28, 2018 /PRNewswire/ --
Digicel has completed a sale and leaseback agreement with Phoenix Tower International LLC (PTI) through its Jamaican subsidiary, Phoenix Tower Jamaica Limited, in relation to a number of its towers in Jamaica, it was announced today.
This sale and leaseback arrangement means PTI assumes ownership and management rights of 451 of Digicel's wireless communication tower sites in Jamaica. The necessary regulatory approvals and licences have been sought and granted and proceeds from the transaction are in the region of US$90 million.
Speaking about the deal, PTI CEO, Dagan Kasavana, stated; "This latest transaction between PTI and Digicel deepens our excellent working relationship and strengthens PTI's position as the premier wireless infrastructure provider in the Caribbean. Jamaica is poised for significant wireless growth and data consumption in the years to come and PTI looks forward to helping our Jamaican customers, landlords, and the communities we operate in meet these growing demands successfully."
Commenting on the agreement, Digicel Group CEO, Alex Matuschka, said; "With similar agreements with PTI for sites in El Salvador and the French West Indies, this was the next natural step and we are delighted to be extending our partnership. This move is consistent with our stated intent to divest non-strategic assets and focus on building our business for the future."
Digicel Group is a total communications and entertainment provider with operations in 31 markets in the Caribbean, Central America and Asia Pacific. After 17 years of operation, total investment to date stands at over US$5 billion worldwide.
Digicel also runs a host of community-based initiatives across its markets and has set up Digicel Foundations in Haiti, Jamaica, Papua New Guinea and Trinidad and Tobago which focus on educational, cultural and social development programmes.
About Phoenix Tower International
Phoenix Tower International ("PTI") owns and manages over 6,000 towers, 974 km of fibre and other wireless infrastructure and related sites throughout Costa Rica, Panama, El Salvador, Colombia, Peru, Mexico, the Dominican Republic, French West Indies, Jamaica, and the United States, including Puerto Rico and the US Virgin Islands.
Headquartered in Boca Raton, Florida, PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the Americas in high-growth markets. PTI's investors include funds managed by Blackstone Tactical Opportunities and John Hancock, as well as various members of the management team. For more information, please visit http://www.phoenixintnl.com .
Head of Group Communications
SOURCE Digicel Group Limited