Liberty Latin America Signs Agreement With Phoenix Tower International To Monetize Mobile Tower Assets
Portfolio Pulse from Benzinga Newsdesk
Liberty Latin America Ltd. (NASDAQ:LILA) has signed 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. The deal, worth $355 million, also includes arrangements to extend coverage with an additional 500 sites over the next five years, increasing total proceeds to $407 million. The net proceeds are expected to be used to reduce debt and further invest in the company's businesses.
November 10, 2023 | 1:26 pm
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The deal with PTI allows Liberty Latin America to monetize its mobile tower assets, potentially reducing debt and allowing for further investment in its businesses. This could positively impact the company's financial health and future growth prospects.
The monetization of mobile tower assets is a significant move for Liberty Latin America, as it allows the company to unlock value from these assets. The expected proceeds of $355 million, potentially increasing to $407 million, can be used to reduce the company's debt and invest in its businesses, which could strengthen its financial position and support future growth. This is likely to be viewed positively by investors, potentially leading to a short-term increase in the company's stock price.
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