LITTLE ROCK, Ark., Feb. 19, 2019 (GLOBE NEWSWIRE) — Uniti Group Inc. (“Uniti”) (Nasdaq: UNIT) announced today that it has agreed to sell its Uniti Towers’ business in Latin America to an entity controlled by Phoenix Tower International (“PTI”) for cash consideration of approximately $100 million, subject to adjustments. PTI will acquire approximately 500 towers located across Mexico, Colombia and Nicaragua.
Kenny Gunderman, President and Chief Executive Officer of Uniti, commented, “We are pleased to announce today that we have agreed to sell our Latin America tower portfolio to PTI. This transaction realizes substantial value for our stockholders and allows us to focus on the vast communications infrastructure growth opportunities in the U.S. Uniti Towers will continue to be a significant component of our ongoing strategy to provide a full suite of solutions to wireless carriers and other customers.”
Dagan Kasavana, CEO and Founder of Phoenix Tower International, said, “We are pleased to expand our current tower holdings in Colombia, Mexico and Central America.”
The transaction with PTI is subject to customary closing conditions and is expected to close by March 31, 2019.
Citi served as exclusive financial advisor to Uniti in connection with this transaction.