Phoenix Tower International LLC reached an agreement to acquire 1300 mobile tower sites across six markets in the Caribbean and Panama from Liberty Latin America Ltd. (NasdaqGS:LILA) on November 10, 2023. 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. The terms of the transaction include long-term Master Lease Agreements for each market for the Company?s continued use of the telecommunications towers infrastructure following completion of the transaction. The closing of the transaction is subject to customary conditions and certain government approvals, and is expected to occur within three to six months.

Baker Botts LLP served as legal counsel and PJT Partners acted as financial advisor to Liberty Latin. Choate, Hall & Stewart LLP served as legal counsel and Mizuho Americas acted as financial advisor to PTI.