Uniti Group Inc. of Little Rock announced Tuesday that it will sell its business in Latin America to a company controlled by Phoenix Tower International of Boca Raton, Florida, for cash consideration of $100 million, subject to adjustments.

PTI will acquire about 500 towers located across Mexico, Colombia and Nicaragua, Uniti said.

“This transaction realizes substantial value for our stockholders and allows us to focus on the vast communications infrastructure growth opportunities in the U.S.,” Uniti CEO Kenny Gunderman said in a news release. “Uniti Towers will continue to be a significant component of our ongoing strategy to provide a full suite of solutions to wireless carriers and other customers.”

Dagan Kasavana, CEO and founder of Phoenix Tower International, said the purchase will expand its tower holdings in Colombia, Mexico and Central America.

The deal is subject to closing conditions and is expected to close by March 31.

Founded in 2013, Phoenix owns and manages more than 6,000 towers and other wireless infrastructure throughout the United States, including Puerto Rico and the U.S. Virgin Islands, Costa Rica, Panama, El Salvador, Guatemala, Colombia, Peru, Mexico, the Dominican Republic, French West Indies, Jamaica, Argentina, Ecuador and Bolivia.

Uniti Group (Nasdaq: UNIT) is a spinoff of Windstream Holdings Inc. of Little Rock that was formerly known as Communications Sales & Leasing.