An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
GTS Sells SP5 Portfolio Company Comprising 2,115 Towers
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Grupo Torresur (GTS) has reached an agreement to sell its subsidiary, São Paulo Cinco Locação de Torres Ltda. (SP5), to IHS Holding Limited (NYSE: IHS) for US$315 million. Following the sale, GTS will manage approximately 2,800 towers in Brazil through its remaining subsidiary, São Paulo Locação de Torres Ltda. (SPT). GTS's Chairman, Jimmy Eisenstein, emphasized the strategic importance of this sale in enhancing infrastructure in underserved regions. The deal is anticipated to close in Q1 2022, pending regulatory approvals.
Positive
GTS will retain approximately 2,800 operational towers in Brazil, ensuring continued growth.
The sale of SP5 generates US$315 million, strengthening GTS's financial position.
Negative
None.
SÃO PAULO--(BUSINESS WIRE)--
Grupo Torresur (“GTS”), a pioneer in developing the independent telecommunications tower market in Brazil, has signed an agreement to sell one of its portfolio companies, São Paulo Cinco Locação de Torres Ltda. (“SP5”), to IHS Holding Limited (NYSE: IHS) for US$315 million on a cash and debt free basis.
Pro forma for the closing of this transaction, GTS will own and operate approximately 2,800 towers in Brazil through São Paulo Locação de Torres Ltda. (“SPT”). Established in 2011 through sale-leaseback transactions with Vivo and Telefonica, SPT represents the original GTS platform and remains well positioned to continue to capitalize on the attractive growth opportunities in Brazil.
Jimmy Eisenstein, GTS Chairman and CEO, said, “The sale of our SP5 portfolio represents the culmination of our strategy to create an important infrastructure business focusing on historically underserved regions of Brazil. Since our acquisition, our team has driven strong organic revenue growth, proving the critical role of SP5 to the market.”
Michael Gray, Managing Director representing Providence Equity Partners (“Providence”), the controlling shareholder of GTS, commented, “We are proud of all that GTS’s outstanding management and employees have accomplished since we made our first investment in 2010, during the early stages of the independent tower market in Brazil. We believe the GTS team has created an exceptional business with tremendous long-term value and industry-leading operating results.”
JP Morgan served as exclusive financial advisor to GTS and Providence on the transaction.
The transaction is subject to regulatory approvals and is expected to close in Q1 2022.
About GTS: GTS is a leading owner and operator of telecommunications infrastructure in Brazil with more than 2,800 towers. As a pioneer in the tower market in Brazil, GTS has acquired more than 6,000 towers and divested more than 3,000 towers after creating proven businesses with long track records of strong organic growth. GTS was founded by tower industry veteran Jimmy Eisenstein and his team and Providence.
About Providence Equity Partners:Providence is a premier asset management firm with approximately $31 billion in aggregate private equity capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in over 170 companies and has become a leading private equity firm specializing in growth-oriented investments in media, communications, education and technology.
