Digicel Group has completed a sale and leaseback agreement with Phoenix Tower International (PTI) – through its Jamaican subsidiary, Phoenix Tower Jamaica Limited – in relation to a number of its cell towers in Jamaica. As per the arrangement, PTI will assume 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 USD90 million.
Digicel Group CEO, Alex Matuschka, commented: ‘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.’
In related news, sources have informed the Irish Independent that a separate Digicel sale, of 309 towers in the Pacific, is set to raise an additional USD55 million, and remains on course to close later this year.