Phoenix Tower International (“PTI”), through its local Chilean subsidiary, Phoenix Tower International Chile SpA, announced it has executed a definitive agreement with WOM S.A. (“WOM”) to acquire up to 3,800 telecommunications sites in Chile. As part of the transaction, PTI will acquire approximately 2,334 tower sites at the initial closing and 1,466 additional sites by 2024 for a total consideration of approximately $930M, a portion of which will be paid upon transfer of the additional sites. This deal enables WOM to strengthen focus to provide affordable, easy–to-access, world-class connectivity to all Chileans and will allow to fulfill the promise to deliver the best service at fair prices. It also enables s to strengthen investments in Chile, particularly expanding 5G coverage from Arica to Punta Arenas over the next several months, as well as expanding coverage into rural areas of the country by delivering upgraded connectivity and contributing to a reduction of the digital gap.
Pro forma for pending transactions, PTI, through its affiliates and subsidiaries, owns and operates over 22,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. WOM is a mobile telephony and broadband company belonging to the international investment fund Novator. Its name derives from the English acronym for Word of Mouth, which means ‘mouth to mouth’ and represents the desire to speak and say what many do not dare, thus revolutionizing the telecommunications industry in Chile. Since its arrival in Chile in 2015, WOM has achieved rapid growth, positioning itself as the fastest growing mobile telecommunications provider in Chile in terms of subscribers and revenues, reaching 7 million customers and a market share of over 20%.