Phoenix Tower International (“PTI”), through its local Chilean subsidiary, Phoenix Tower International Chile SpA, announced today that it has entered into a definitive agreement with WOM SA (“WOM”) to acquire 3,800 telecommunications sites in Chile. As part of the transaction, PTI will acquire approximately 2,334 tower sites upon initial closing and an additional 1,466 sites by 2024 for a total amount of $930 million, a portion of which will be paid by transferring the additional sites.

After accounting for this transaction, PTI will become the largest owner of communications towers in Chile, expanding its global presence to more than 22,000 towers in 19 countries.

“PTI is pleased to enter the wireless infrastructure market in Chile. We have strong relationships with the four mobile network operators in the country, each of which will soon implement 5G networks. We are proud of our partnership with WOM and the continued expansion of the relationship that this transaction represents,” said Dagan Kasavana, CEO of PTI.

“We are proud of our company in Chile, this is an important milestone for WOM and another step to strengthen our position in the region. We are excited to deepen our relationship with PTI throughout the region,” said Novator President Thor Björkolbsson. “This transaction further solidifies PTI’s global footprint and is a fantastic next step for our clients, employees and investors in Blackstone.” said Tim Culver, CEO of PTI.

“This agreement allows WOM to strengthen our focus on providing affordable, easily accessible and world-class connectivity to all Chileans and will allow us to fulfill our promise of providing excellent service at reasonable prices. This helps strengthen our investment in Chile, particularly by expanding 5G coverage from Arica to Punta Arenas in the coming months and expanding coverage in rural areas of the country by providing better connectivity and bridging the digital divide. said Sebastian Brecht, CEO of WOM.

The transaction will be financed in part by a financing facility led by Scotiabank and backed by PTI’s additional financing providers (Caisse de dépôt etplacement du Québec and Ares Management Corporation). Capital for the transaction was provided by various Blackstone (NYSE:BX) funds, including those managed by Blackstone’s infrastructure and strategic opportunities businesses.

Greenberg Traurig, LLP, Simpson Thacher & Bartlett, LLP, Choate Hall & Stewart, LLP and Barros Silva Varela & Vigil Abogados Limitada acted as legal advisors to PTI. Scotiabank acted as PTI’s sole lead organizer, book broker and exclusive financial advisor. Allen & Over and Albakli Zaliasnik acted as legal advisors to WOM. Citi acted as exclusive financial advisor to WOM.

Initial closing of the transaction is expected to occur in the third quarter of 2022, subject to the satisfaction of customary closing conditions.

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