Phoenix Tower International (“PTI”) has reached an agreement with Altice Dominicana, a subsidiary of Altice Europe N.V. (Euronext ATC, ATCB) (“Altice Europe”), to purchase 100% of the tower company, Teletorres del Caribe, with a portfolio comprising of 1,049 wireless communication tower sites for USD 170M, the company said.
This latest transaction expands PTI´s footprint, in the country, to over 1,600 sites and reinforces PTI´s position as the tower company across the Caribbean. Terms of the transaction remained confidential between the parties.
In conjunction with the contemplated transaction, Altice Dominicana will enter into a 20-year master agreement with PTI setting a clear partnership framework between the two companies. PTI has committed to support Altice Dominicana in the continued deployment of its network.
The transaction is expected to close during Q3 2018 and is subject to the effective de-merger and customary closing conditions.
BNP Paribas and Goldman Sachs acted as financial advisors to Altice Europe. Franklin and OMG acted as legal advisor to Altice Europe.
Choate, Hall & Stewart LLP and OGC Abogados acted as legal counsel for Phoenix Tower International. Scotiabank acted as sole financial advisor to Phoenix Tower International.
Phoenix Tower International owns and manages over 5,000 towers, 974 km of fiber and other wireless infrastructure and related sites throughout Costa Rica, Panama, El Salvador, the Dominican Republic, French West Indies, Colombia, Peru, Mexico, 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, visit www.phoenixintnl.com.