American Tower agrees USD 772m deal for Andean towers

20 December 2019 - 12:00 am UTC

American Tower Corporation (ATC) has agreed to pay Chile’s Entel USD 772m for 3,242 tower sites in Chile and Peru, according to a 19 December Entel stock exchange filing.

The Boston-based real estate investment trust ATC will pay UF 12.46m (USD 458.87m) for 1,980 towers in Chile, equivalent to 40% of Entel’s towers in that country, and PEN 1.01bn (USD 303.9m) for 1,262 towers in Peru, or 64% of Entel’s portfolio in that country.

Santander led the sale process for Entel Peru, while Banchile-Citi ran the sale process for Entel in Chile.

The operation will close in stages, with the first close occurring before 31 December to include 65% of the Chilean and 85% of the Peruvian towers. The ownership of the remaining towers will be transferred in one or more closes within the next 18 months.

Upon reaching final close, the deal will represent a net profit to Entel of CLP 204.08bn (USD 273.16m), according to the release.

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