Towerco T4U Holding Brasil has announced plans to launch an IPO, marking the latest deal in the highly-active local tower market.
Sao Paulo-based T4U, which claims to be Brazil’s fifth-largest mobile phone tower operator, filed a prospectus with…
Towerco T4U Holding Brasil has announced plans to launch an IPO, marking the latest deal in the highly-active local tower market.
Sao Paulo-based T4U, which claims to be Brazil’s fifth-largest mobile phone tower operator, filed a prospectus with national securities regulator CVM saying that, together with shareholder D Dots Investments, it would conduct a primary and secondary public offering of shares.
Neither the number and price of shares to be offered nor the timeframe for the IPO were disclosed.
T4U, controlled by Israel’s Fishman Group, has mandated Bank of America Merrill Lynch, Itau BBA, UBS and Citigroup to manage the offering.
The Brazilian tower sector is experiencing a flurry of activity at present, boosted by rising demand for high-speed data and the fact mobile operators are seeking to cut costs by selling and then leasing back their towers.
In June, American Tower agreed to pay R$2.18bn (US$978m) to acquire BR Towers, which operates more than 4,000 sites nationally, widening its footprint in Brazil.
Later in the month, the local subsidiary of Nasdaq-listed SBA Communications agreed to buy 1,641 local towers from mobile operator Oi for R$1.17bn (US$530m).
Meanwhile, Providence Equity Partners is looking sell Gruppo TorreSur, the country’s largest independent towerco with more than 6,000 sites.
And, earlier this month, Telecom Italia CEO Marco Patuano said the company’s sale of towers in Brazil is close to completion.
