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Blackstone (NYSE: BX) has acquired a 35% stake in Phoenix Tower International (PTI) from Manulife Investment Management. This strategic investment enables PTI to accelerate its growth in wireless infrastructure, operating over 14,000 towers across 18 countries, primarily in the Americas and Europe. Blackstone's focus on digital infrastructure has intensified due to COVID-19, showcasing the significant growth potential in this sector. This partnership aims to leverage Blackstone's resources to enhance PTI's position in high-demand markets.
Positive
Acquisition of a 35% stake in PTI allows for accelerated growth.
PTI operates over 14,000 towers, indicating a strong market presence.
Partnership leverages Blackstone's scale and resources to enhance PTI's expansion.
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Blackstone Infrastructure’s capitalwill enable Phoenix Tower International to accelerate growth
Digital Infrastructure – which enables mobile connectivity and cloud-based computing for the businesses driving today’s economy – has long been a high conviction investment theme for Blackstone, with COVID-19 accelerating the sector’s growth and required investment
PTI’s expansion is focused throughout the Americas and Europe
NEW YORK--(BUSINESS WIRE)--
Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure Partners (“Blackstone” or “the company”) have purchased a 35% stake in Phoenix Tower International (PTI), a leading private cell tower platform in the Americas and Europe, from Manulife Investment Management.
Founded in 2013, Phoenix Tower International operates over 14,000 cell towers across 18 countries. PTI owns and operates high quality wireless infrastructure sites in markets experiencing strong wireless usage growth around the world. PTI’s expansion is focused throughout the Americas and Europe. Commenting on the announcement, 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.”
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.”
Commenting on the transaction, Recep Kendircioglu, Head of Infrastructure Investments at Manulife Investment Management said, “The Manulife Investment Management team is pleased to have had the opportunity to partner with Dagan and the entire Phoenix Tower International team over the years. Our investment in PTI supported our goal to expand digital connectivity globally, and, together with the PTI team, we achieved a great outcome. We look forward to watching that growth continue through a new partnership.”
Today’s investment in Phoenix Tower International is the most recent example of digital infrastructure platform investments for Blackstone. Digital Infrastructure – which enables mobile connectivity and cloud-based computing for the businesses driving today’s economy – has long been an area of focus for Blackstone, with COVID-19 accelerating the sector’s growth and required investment. Most recently, Blackstone invested in QTS, a leading data center company and Hotwire, a leading provider of fiber-to-the-home in the United States.
Rothschild & Co acted as financial advisor to Blackstone Infrastructure Partners, while Simpson Thacher & Bartlett served as legal advisor.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Blackstone Infrastructure Partners
Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.
Phoenix Tower International
PTI owns and operates over 14,000 towers and other wireless infrastructure and related sites across 18 countries in the Americas and Europe. PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across high-growth international markets. PTI's investors include funds managed by Blackstone and various members of the management team and is headquartered in Boca Raton, Florida. For more information, please visit www.phoenixintnl.com.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
