Liberty Latin America to sell telecom towers to PTI for $407m

Liberty Latin America (LLA) recently agreed to sell about 1,300 telecom towers to Phoenix Tower International (PTI) for $407 million. Tower sites to be monetized in this transaction include towers in locations across Panama, Jamaica, the Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.

Balan Nair, president and CEO of Liberty Latin America, said, “We are pleased to work with a high-quality partner with extensive operating experience in our region in PTI and reach an agreement that crystallizes the value of our mobile tower infrastructure assets. In addition, the long-term lease agreements and ongoing coverage extension will enable us to continue delivering leading mobile services to our customers and support network expansion including future 5G deployment plans across the Caribbean and Latin America, while lowering capital costs associated with these assets."

Following the agreement between both companies, Phoenix Towers now owns over 3,600 sites in France, its biggest market. The company has noted that its plan is to have 5,000 sites in its portfolio in the country within two years.