Blackstone Announces $1.4 Billion Final Close of Phoenix Tower International Capital Raise
February 03 2020 - 4:15PM
Business Wire
Blackstone (NYSE: BX) today announced that funds managed by
Blackstone Tactical Opportunities (“Tac Opps”) have completed the
successful recapitalization of Phoenix Tower International (“PTI”),
a leading provider of wireless communications infrastructure. Tac
Opps has 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.
Jasvinder Khaira, a Senior Managing Director with Blackstone
Tactical Opportunities, said: “We are very proud of the success of
our PTI platform and pleased to be able to continue investing
behind our thesis on the fundamental attractiveness of the wireless
infrastructure business model, which is backed by exponential
growth in data connectivity demand. We continue to see compelling
opportunities across the digital infrastructure space, and this
fundraise provides a dedicated pool of capital for us to continue
investing behind this theme.”
Dagan Kasavana, CEO of Phoenix Tower International, stated: “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. 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.”
PJT Partners/Park Hill Group served as advisor to the fundraise,
and Akin Gump Strauss Hauer & Feld LLP and Simpson Thacher
& Bartlett LLP served as legal counsel to Blackstone.
About Blackstone
Blackstone is one of the world’s leading investment firms. 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 asset management
businesses, with $571 billion in assets under management, include
investment vehicles focused on private equity, real estate, public
debt and equity, 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.
About Tactical Opportunities
Tactical Opportunities (Tac Opps) is Blackstone's opportunistic
investment platform. The Tac Opps team invests globally across
asset classes, industries and geographies, seeking to identify and
execute on attractive, differentiated investment opportunities. As
part of the strategy, the team leverages the intellectual capital
across Blackstone’s various businesses while continuously
optimizing its approach in the face of ever-changing market
conditions.
About Phoenix Tower International
Phoenix Tower International ("PTI") owns and manages over 8,000
towers, 986 km of fiber and over 80,000 other wireless
infrastructure and related sites in 14 countries including the
United States, across Latin America, and France.
PTI was founded in 2013 with a mission to be a premier wireless
infrastructure provider to wireless operators across the world in
high-growth markets. For more information, please visit
www.phoenixintnl.com.
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MEDIA Paula Chirhart +1-347-463-5453
paula.chirhart@blackstone.com
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