UPDATE The Bahamas Telecommunications Company (BTC), a subsidiary of Liberty Latin America (LLA), will sell its towers as part of a $70 million deal planned for later this year. As Eyewitness News reports, LLA already has plans in the works to sell the tower assets to Phoenix Tower International (PTI). The wheels were set in motion last November to transfer the ownership of approximately 1,300 cell tower sites in Panama, Jamaica, the Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.
LLA, in its 4th quarter results and 2023 yearly summary, indicated that it had acquired 186,000 organic broadband and postpaid mobile subscribers. The increase in subscribers has helped LLA reach an operating income of $518 million.
“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,” stated LLA in a release. “Net proceeds are expected to be used to reduce debt and further invest in the company’s businesses.” The transaction will see PTI assuming responsibility for BTC’s cell towers and taking over the tower maintenance, according to LLA.
“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 statement continued, according to Eyewitness News, “The closing of the transaction is subject to customary conditions and certain government approvals and is expected to occur within three to six months.”
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