Blackstone Infrastructure Partners recently announced that it has acquired a 35% stake in Phoenix Tower International.
The injection of capital into Phoenix Tower International is expected to have a significant impact on the company, according to a Jan. 18 press release published by Business Wire. The funds will be used to accelerate growth and build digital infrastructure.
Phoenix Tower International is a leading private cell tower platform that operates in the Americas and Europe, the release stated. It was founded in 2013 and operates over 14,000 cell towers across 18 countries.
“We are thrilled to partner with Dagan Kasavana and the entire PTI team," said Greg Blank, senior managing director in Blackstone's infrastructure business. "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.”
Dagan Kasavana, CEO of Phoenix Tower International, echoed Blank's sentiments.
“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," Kasavana said. "We are excited to continue the growth journey for PTI with Blackstone Infrastructure.”
Blackstone has also made recent investments in QTS, a leading data center company, and Hotwire, a fiber-based telecommunications service provider in the United States, the release stated.