Blackstone (NYSE: BX) announced yesterday that funds managed by Blackstone Infrastructure Partners have purchased a 35 percent stake in Phoenix Tower International (PTI) from Manulife Investment Management. Founded in 2013, Phoenix Tower International operates over 14,000 cell towers across 18 countries. PTI owns and operates wireless infrastructure sites in markets around the world with expansion focused throughout the Americas and Europe.
Commenting on the announcement, CEO of Phoenix Tower International, Dagan Kasavana said, “There is a massive growth opportunity in the wireless infrastructure sector across the world, and I am pleased to have world-class partners from Blackstone on my team to continue to expand the business. We are excited to continue the growth journey for PTI with Blackstone Infrastructure.”
Most recently, Blackstone invested in QTS, a data center company and Hotwire, a provider of fiber-to-the-home in the United States.
Greg Blank, Senior Managing Director in Blackstone’s infrastructure business, said, “We are thrilled to partner with Dagan Kasavana and the entire PTI team. Cell towers represent one of the highest-quality and most durable infrastructure asset classes given their mission critical nature and long-term growth tailwinds. We look forward to supporting PTI’s continued growth and expansion by leveraging Blackstone’s scale and resources.”
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