Phoenix Tower International has purchased the assets of Teletorres del Caribe, a tower company owned Altice Europe, which included 1,049 wireless towers, for $170 million. This latest transaction expands PTI’s footprint, in the country, to over 1,600 sites.
In conjunction with the transaction, Altice Europe, will enter into a 20-year master agreement with PTI setting up a partnership framework between the two companies.
“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, CEO 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.”
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 and OGC Abogados acted as legal counsel for Phoenix Tower International. Scotiabank acted as sole financial advisor to Phoenix Tower International.