Developed the commercial and technical due diligence on a portfolio of macro sites, DAS and small cells in 4 Latin American countries


Scope of work

Our client, an international infrastructure investor, was considering the acquisition of an independent TowerCo with a portfolio of mobile and fixed wireless sites, DAS, and small cells with presence in Brazil, Mexico, Colombia, and Peru with an estimated of 2200 revenue generating assets (RGAs).

Our client required a rigorous commercial and technical due diligence of the regional portfolio, including a commercial, regulatory and competitive assessment of the target also covering the main assumptions, drivers and growth opportunities in the vendor’s business plan.


Brazil was in the process of the 5G spectrum allocation, so we proceed to analyse the recent 4G and 5G spectrum auction results and impacts in the target geographies. Developed a detailed 10-year forecast on the evolution of build-to-suit (BTS) sites per country of operation and projected tenancy ratios based on competition.

We performed a detailed geographical analysis (GIS) based on the locations of competitors’ tower portfolios to dimension the competitive pressure and the potential impact of RAN sharing agreements between mobile network operators (MNOs). The GIS analysis also helped us to quantify the growth potential of the existing portfolio in terms of lease-up and amendments.

We also executed a comprehensive review of the vendor’s business plan including pricing, churn, BTS captured, capex and opex and compared the main assumptions to market benchmarks.

Our team conducted site visits to assess the current sites’ occupancy, capacity, expansion potential, status, and maintenance, among others.


We provided a realistic view of the growth prospects of all portfolio RGAs – macro sites, DAS and small cells – while adjusting the forecasts for the analysed core markets. We also identified moderate risk of churn in one core of the markets and proposed an action plan to mitigate such risk.

We identified that the majority of the RGAs had remaining capacity to receive additional equipment, satisfactory maintenance practices and procedures that reduced capex needs in the short to medium term.


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