n n n ‘. concat(e. i18n. t(“search. voice. recognition_retry”),’n
The transaction covers approximately 1,300 seats in 6 markets in the Caribbean and Panama.
It offers a significant price with a cumulative money multiple with $355 million in expected revenue.
DENVER, Colorado, November 10, 2023–(BUSINESS WIRE)–Liberty Latin America Ltd. (“Liberty Latin America” or the “Company”) (NASDAQ: LILA and LILAK, OTC link: LILAB) today announced that it has reached an agreement with Phoenix Tower International (“PTI”) to monetize approximately 1,300 cell tower sites in Panama, Jamaica, the Bahamas, Puerto Rico, Barbados and the British Virgin Islands. The transaction also includes provisions to expand the policy with the structure of 500 additional sites through Liberty Latin America and PTI over the next five years. Including those commitments, total revenue is $407 million. The net proceeds are expected to be used to reduce debt and further invest in the Company’s operations.
Balan Nair, President and CEO of Liberty Latin America, commented: “We are pleased to work with a high-quality partner with extensive operational experience in our region within PTI and reach an agreement that crystallizes the price of our mobile telephony. tower infrastructure assets. In addition, long-term leases and continued policy expansion will allow us to continue supplying leading cellular installations to our consumers and network expansion, adding long-term plans for 5G deployment in the Caribbean and Latin America, while cutting capital prices related to those assets. The transaction is a perfect example of our disciplined technique for generating price for shareholders through transactions that generate loose cash flow. “
Dagan Kasavana, CEO of Phoenix Tower International, said, “PTI is excited to partner with Liberty Latin America and expand its presence in the Caribbean and Panama. This transaction strengthens PTI’s presence in existing markets while representing further market expansion for PTI in the Bahamas, British Virgin Islands and Barbados markets. As the largest independent owner of wireless towers in the Americas, we look to the future to achieve better wireless access in those markets by serving all of our consumers and wireless populations in the region with increased connectivity and answers to help our business partners achieve their goals. We greatly appreciate the hard work of both groups to make this transaction a reality.
The terms of the transaction include long-term prime market leases for the Company’s continued use of the telecommunications tower infrastructure following the final touch of the transaction. The closing of the transaction is subject to standard conditions and certain government approvals, and is expected to occur within 3 to six months.
Baker Botts LLP acted as legal counsel and PJT Partners assisted Liberty Latin America in its ongoing monetary recommendation to the Company. Choate, Hall
ABOUT LIBERTÉ LATIN AMERICA
Liberty Latin America is a leading communications company operating in more than 20 countries in Latin America and the Caribbean under the BTC, Flow, Liberty and Más Móvil client brands, and through ClaroVTR, our joint venture in Chile. The communications and entertainment we will provide for our residential and commercial customers in the region come with virtual video, high-speed internet, telephony and cellular. Our commercial products come with enterprise-grade connectivity, knowledge center, hosting and control responses, and data-generating responses with customers ranging from small and medium-sized businesses to foreign firms and government agencies. In addition, Liberty Latin America operates a network of submarine and terrestrial fiber optic cables connecting approximately 40 markets in the region.
Liberty Latin America has 3 distinct categories of common stock, which are listed on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB”. . (Class B).
For more information please www. lla. com
ABOUT PHOENIX INTERNATIONAL TOWER
Phoenix Tower International (PTI) was established in 2013 with the number one project of serving as a leading site provider for wireless operators in developing markets around the world. PTI is subsidized through a diverse organization of investors, adding a controlled budget through Blackstone, Wren House, USS, and key members of its control team. Our global headquarters are located in Boca Raton, Florida, and we have operational offices in all markets where PTI operates. PTI and its subsidiaries will own and operate on a pro forma basis for this transaction. , more than 24,000 telecommunications towers in Europe, the United States, Latin America and the Caribbean in 24 countries.
For more information, visit www. phoenixintnl. com
FORWARD-LOOKING STATEMENT
This press release includes forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, information relating to the timing, benefits, expected effect and use of proceeds of the transaction and other data and I know that they are not old facts. These forward-looking statements involve certain risks and uncertainties that may cause actual effects to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, events beyond our control, such as natural errors and pandemics (including COVID-19), our ability to meet the final transaction conditions, as well as other detailed factors. from time to time in our filings with the Securities and Exchange Commission, adding our most recently filed Forms 10-K and 10-Q. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any legal responsibility or commitment to release any updates or revisions to any forward-looking statement contained herein to reflect any replacement in our expectations with respect thereto or any replacement on occasions, situations or cases in which such change is made. based.
See the businesswire. com edition: https://www. businesswire. com/news/home/20231109658436/en/
Contacts
Investor Relations: Kunal Patel: ir@lla. com
Media Contact: Kim Larson: llacommunications@lla. com