Towers operator Phoenix Tower International LLC, through its Chilean unit Phoenix Tower International Chile SpA, agreed to acquire up to 3,800 telecommunications sites from broadband company WOM SA in Chile, according to a July 5 announcement.

Under the deal, Phoenix Tower International will purchase roughly 2,334 tower sites at the initial closing and 1,466 additional sites by 2024 for a total consideration of approximately $930 million. A portion of the purchase price will be paid upon transfer of the additional sites.

The initial closing of the transaction is expected to occur in the third quarter, subject to customary closing conditions.

Phoenix Tower International will become the largest communications tower owner in Chile as a result of this transaction.

Greenberg Traurig LLP, Simpson Thacher & Bartlett LLP, Choate Hall & Stewart LLP and Barros Silva Varela & Vigil Abogados Ltda. were the legal advisers to Phoenix Tower International on the deal. Scotiabank served as the sole lead arranger, bookrunner and exclusive financial adviser to Phoenix Tower International.

WOM's legal advisers were Allen & Overy and Albagli Zaliasnik, while Citi was the exclusive financial adviser.