Digicel completes sale and leaseback agreement with Phoenix Tower
Digicel has completed a sale and leaseback agreement with Phoenix Tower International LLC (PTI) through its Jamaican subsidiary, Phoenix Tower Jamaica Limited, in relation to a number of its towers in Jamaica, it was announced on Friday.
This sale and leaseback arrangement means PTI assumes ownership and management rights of 451 of Digicel’s wireless communication tower sites in Jamaica. The necessary regulatory approvals and licences have been sought and granted and proceeds from the transaction are in the region of US$90 million.
“This latest transaction between PTI and Digicel deepens our excellent working relationship and strengthens PTI’s position as the premier wireless infrastructure provider in the Caribbean," PTI CEO, Dagan Kasavana, said.
"Jamaica is poised for significant wireless growth and data consumption in the years to come and PTI looks forward to helping our Jamaican customers, landlords, and the communities we operate in meet these growing demands successfully,” added Kasavana.
Digicel Group CEO, Alex Matuschka, noted that, “With similar agreements with PTI for sites in El Salvador and the French West Indies, this was the next natural step and we are delighted to be extending our partnership.
"This move is consistent with our stated intent to divest non-strategic assets and focus on building our business for the future," he said.