Funds managed by Blackstone Infrastructure Partners have purchased a 35 percent stake in a private cell tower platform operating in the Americas and Europe from Manulife Investment Management.
The platform, known as Phoenix Tower International (PTI), owns and operates high-quality wireless infrastructure sites in markets experiencing strong wireless usage growth around the world. PTI operates more than 14,000 cell towers across 18 countries and is seeking to expand throughout the Americas and Europe.
“Cell towers represent one of the highest-quality and most durable infrastructure asset classes, given their mission critical nature and long-term growth tailwinds,” said Greg Blank, senior managing director in Blackstone’s infrastructure business. “We look forward to supporting PTI’s continued growth and expansion by leveraging Blackstone’s scale and resources.”
Financial terms were not disclosed.