LIBERTY LATIN AMERICA SIGNS AGREEMENT WITH PHOENIX TOWER INTERNATIONAL TO MONETIZE MOBILE TOWER ASSETS
Retrieved on:
Friday, November 10, 2023
DENVER, Nov. 10, 2023 /PRNewswire/ -- Liberty Latin America Ltd. ("Liberty Latin America" or the "Company") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced it has reached an agreement with Phoenix Tower International ("PTI") to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands. The transaction also provides advantageous arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and PTI over the next five years. Inclusive of these commitments the total proceeds increase to $407 million. Net proceeds are expected to be used to reduce debt and further invest in the Company's businesses.
Key Points:
- ("Liberty Latin America" or the "Company") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced it has reached an agreement with Phoenix Tower International ("PTI") to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.
- The transaction also provides advantageous arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and PTI over the next five years.
- Balan Nair, President and CEO of Liberty Latin America, commented, "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.
- Dagan Kasavana, Chief Executive Officer of Phoenix Tower International, said, "PTI is excited to partner with Liberty Latin America and expand its presence in the Caribbean and Panama.