BOCA RATON, Fla., Oct. 1, 2018 /PRNewswire/ -- Phoenix Tower International ("PTI") via its subsidiary Phoenix Tower Jamaica Limited, announces that it has closed its sale and leaseback transaction with Digicel to acquire the ownership or management rights relating to 451 wireless communication tower sites for US$90M. This latest transaction expands PTI's footprint into a new market and reinforces PTI's position as the leading tower company across the Caribbean. Terms of the transaction remained confidential between the parties.
Speaking about the transaction, 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 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."
Choate Hall & Stewart LLP and Harrison & Harrison acted as legal advisors to PTI. Orrick and Nunes, Scholefield, DeLeon & Co. acted as legal advisor to Digicel. Scotiabank was PTI's sole financial advisor to the transaction.
About Phoenix Tower International
Founded in 2013, Phoenix Tower International ("PTI") owns and manages over 6,000 towers, 974 km of fiber 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 US Virgin Islands.
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, visit www.phoenixintnl.com.
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.
SOURCE Phoenix Tower International