DIGICEL COMPLETES SALE AND LEASEBACK AGREEMENT WITH PHOENIX TOWER INTERNATIONAL
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.
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.
Speaking about the deal, PTI CEO, Dagan Kasavana, stated; “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. 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.”
Digicel Group is a total communications and entertainment provider with operations in 31 markets in the Caribbean, Central America and Asia Pacific. After 17 years of operation, total investment to date stands at over US$5 billion worldwide.
Digicel also runs a host of community-based initiatives across its markets and has set up Digicel Foundations in Haiti, Jamaica, Papua New Guinea and Trinidad and Tobago which focus on educational, cultural and social development programmes.