Infrastructure company IHS Towers struck another deal to expand its Latin America assets, agreeing to buy more than 2,000 sites in Brazil from GTS subsidiary Sao Paulo Cinco Locacao de Torres (SP5) for $315 million.

Once complete, the deal will take the company’s tower count in the country to 7,000, with the new assets located across 25 of Brazil’s 27 states. It also owns a fibre network in the market covering 6.4 million homes.

In its statement, IHS Towers noted the buy formed a key part of its growth strategy in Latin America and contributed to an aim of becoming “the leading emerging market telecommunications infrastructure provider”.

It estimates the new towers will contribute $38 million in revenue in the first year after closing. It plans to incorporate the assets into its existing portfolio and stated no employees would be transfered across from SP5 under the agreement.

Since entering the Latin American market in 2020 the infrastructure provider made a series of purchases to rapidly expand its portfolio across key countries. The company also operates passive infrastructure in a number of other regions.

The latest buy is subject to regulatory approval, but is expected to close by the end of Q1.