Phoenix Tower International’s (PTI) Chilean subsidiary entered into a deal with Santiago-based provider WOM to acquire a total of 3,800 telecoms sites for $930 million by 2024, a move which will expand its global presence to more than 22,000 towers.

PTI will acquire about 2,334 tower sites for a portion of the total consideration at the initial closing, forecast to occur in Q3 subject to the satisfaction of customary closing conditions.

An additional 1,466 sites will be obtained by 2024, with the remaining amount paid then.

The transaction will be funded by a Scotiabank-led financing facility in addition to PTI’s current providers, including affiliates of Ares Management Corporation, with the equity provided by several Blackstone funds.

WOM CEO Sebastian Precht remarked the deal is in line with the company’s goal to close Chile’s digital gap by “expanding 5G coverage from Arica to Punta Arenas over the next several months, as well as expanding coverage into rural areas of the country”.