Innova Capital Partners LLC and a subsidiary of the New York investment bank Goldman Sachs Group Inc said they formed a joint venture to develop telecom assets in Colombia. The venture will finance the efforts of Golden Communicaciones SAS of Bogota to build cellphone towers in the region. Terms weren’t disclosed. Golden owns and operates towers and other wireless infrastructure.
Innova Capital Partners and Goldman Sachs Form Joint Venture to Invest in Telecommunication Assets Developed by Golden Comunicaciones in Colombia
April 11, 2016
NEW YORK–(BUSINESS WIRE)–Innova Capital Partners, LLC (Innova) and a subsidiary of The Goldman Sachs Group, Inc. (GS) have announced a joint venture to support the development of telecommunication assets throughout the Republic of Colombia. The joint venture will provide financing to Golden Comunicaciones, SAS (Golden), a Colombian mobile infrastructure designer and developer, for the construction of cell phone towers in the region. Golden is a member of the Innova Latin American Development Program.
“We have built our platform by finding talented industry focused teams such as Golden, and we are pleased to add a financing provider like GS to help us achieve our plans to expand mobile infrastructure throughout the region,” said Mukesh Prasad, Managing Partner of Innova. Patricia Rodriguez, Innova’s head of Latin American Development added, “Colombia presents a unique opportunity for growth in the telecom sector, among other industries, and we look forward to developing additional opportunities in the region.”
“Golden offers our wireless customers a significant footprint of high quality tower assets across Colombia,” said Herman Torres, Chief Executive Officer of Golden. “Today, the investment made by Goldman Sachs and Innova will enable us to reduce the digital divide that exists in our country and undoubtedly will enable us to improve our current network infrastructure.”