July 6th, 2022
Phoenix Tower International acquires 3,800 WOM towers in Chile for approximately US$930 million..SHARE
Phoenix Tower International ("PTI"), through its local Chilean subsidiary, Phoenix Tower International Chile SpA, announced the closing of an agreement with WOM to acquire up to 3,800 telecommunications towers in Chile. The operation will be divided into two phases: 2,334 will be transferred this year and the remaining 1,466 in 2024.
With this transaction, PTI will become the largest owner of communication towers in Chile, expanding its global presence to more than 22,000 towers in 19 countries.
PTI CEO Dagan Kasavana told Diario Financiero that he is excited to enter the wireless infrastructure market in Chile. “We have strong relationships with the country's four mobile network operators, each of which will deploy 5G networks in the short term. We are proud of our partnership with WOM and the continuous expansion of the relationship that this transaction represents, "he told DF.
“This is the largest antenna transaction in Chile's history. PTI is a world leader in this area and we believe that its participation will contribute to making the telecommunications industry in our country more efficient, "said Jorge Vigil, partner of Barros Silva Varela & Vigil who acted as legal counsel for the transaction together with Greenberg Traurig, LLP; Choate Hall & Stewart, LLP; and Simpson Thacher & Bartlett, LLP.
Jorge Vigil led the work within Barros Silva Varela & Vigil where he had the collaboration of the law firm’s partner, Francisco Varela, and the coordination of the director of the regulatory area, Carolina Matthei.
In the financial field, the transaction will be partly covered by a financing line led by Scotiabank and complemented by additional PTI financing providers (affiliated with Caisse de dépôt et placement du Québec and Ares Management Corporation). The capital for the transaction was provided by several Blackstone funds (NYSE:BX), including those managed by Blackstone's infrastructure and tactical opportunity businesses.