Blackstone (NYSE: BX) yesterday announced that funds managed by Blackstone Tactical Opportunities (Tac Opps) have completed the successful recapitalization of Phoenix Tower International (PTI), a provider of wireless communications infrastructure. Tac Opps raised $1.4 billion of dedicated capital for PTI to execute on its global business plan across the digital infrastructure sector.
Tac Opps initially invested in PTI in 2014, and over that time the business has grown to over 8,000 cell towers and related sites across 14 markets in three continents with a focus on USD / Euro-denominated contracts. PTI’s management team, led by Dagan Kasavana, CEO, and Tim Culver, Executive Chairman, has deployed over $3.5 billion of capital in the sector. Tac Opps expects to deploy substantial incremental capital for PTI to acquire and build wireless communications across the Americas and Europe.
“We are excited to continue our fantastic partnership with Tac Opps and the completion of this fundraise represents a further confirmation of our business plan,” said Kasavana. “As our customers shift towards their 5G build-out needs, they require well-capitalized infrastructure providers that they trust with a mandate to work with them globally and across all of their infrastructure needs. PTI has the track record, expertise and balance sheet to be a market leader in the coming years with Blackstone’s ongoing support.”