BOCA RATON, Florida, July 30, 2018 /PRNewswire/ -- Phoenix Tower International ("PTI") announces that it 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 $170M. This latest transaction expands PTI's footprint, in the country, to over 1,600 sites and reinforces PTI's position as the leading 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.
"PTI has experienced significant growth, through lease-up and new tower construction, on its existing tower assets, in the Dominican Republic, and has built a best-in-class operating team based locally in Santo Domingo," stated Dagan Kasavana, Chief Executive Officer of Phoenix Tower International. Adding, "With a growing economy and telecommunications sector, the Dominican Republic represents a fantastic market in which to do business. We are incredibly excited to extend our partnership with Altice through this tower transaction and continue our growth across the Caribbean and Latin America."
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.
About Phoenix Tower International: Phoenix Tower International ("PTI") 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, please visit www.phoenixintnl.com.