NASSAU, BAHAMAS — Liberty Latin America (LLA), the parent company of The Bahamas Telecommunications Company (BTC), plans to conclude the deal allowing it to sell its towers to a third party in the first half of this year, a transaction from which it expects to generate $70 million.
The company revealed as much in its recently released Q4 and fiscal year 2023 results, during which it achieved an operating income of $518 million and added 186,000 organic broadband and postpaid mobile subscribers.
Back in November, Liberty Latin America company announced that it had entered 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.
In its latest report, the company indicated that it anticipates the Bahamas portion of the transaction to be completed within the first half of this year, generating $70 million in proceeds. Under this arrangement, PTI would assume responsibility for BTC’s towers, relieving the company of the burden of maintenance.
“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,” a statement announcing the agreement said.
It continued: “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.”
PTI is the largest independent owner of mobile towers in the Americas.
