PPU instructed on infrastructure M&A financing
Philippi, Prietocarrizosa Ferrero DU & Uría provided local counsel to a bank syndicate led by Scotiabank on the financing of the Torres Unidas acquisition.
Torres Unidas is an independent telecommunication infrastructure owner and operator which focuses on Chile, Peru and Colombia. Until this deal, Torres Unidas was a portfolio company of the private equity fund Berkshire Partners.
Andean Tower Partners (ATP), the buyer of Torres Unidas, is an owner and operator of wireless communication infrastructure in the Andean region. The company is based in Florida and it was founded in 2015 by Digital Bridge, the infrastructure investment firm.
While financial terms of the transaction were not disclosed, the financing provided by the bank syndicate was estimated at over $130 million.
Partner Marcelo Armas led the PPU team which advised Scotiabank and the syndicate under Chilean law.
According to a statement by Digital Bridge, Scotiabank was lead arranger and bookrunner for the financing and acted as ATP’s financial adviser.
Weil, Gotshal & Manges advised Berkshire Partners in the sale. Partner Shayla Harlev in Boston fronted the Weil lawyers.
It is also understood that Greenberg Traurig provided legal counsel to the company’s management while, separately, Linklaters advised the buyers ATP.
