Phoenix Tower International announces strategic transaction to acquire 1,900 wireless sites in Ireland

Phoenix Tower International (PTI) has announced it has entered a definitive agreement with Cellnex Telecom to acquire 100% of Cellnex's business in Ireland.

PTI in 2021 entered into a strategic partnership with Epic Cyprus and has a presence on the island.

According to a relevant press release, the new transaction with Cellnex Telecom is anticipated to expand PTI's Irish business by adding approximately 1,700 mobile telecom sites and approximately 200 land locations that accommodate third-party wireless sites.

The acquisition underscores Phoenix Tower International's commitment to fostering growth in Ireland and contributing to the enhancement of the country's telecommunications infrastructure. This strategic transaction is poised to bring substantial benefits to both the Irish population and Mobile Network Operators (MNOs) operating in the region, the press release said.

"We are delighted to announce this strategic transaction with Cellnex after a successful transaction in France which signifies a significant step forward in Phoenix Tower International's expansion in Europe," commented Dagan Kasavana, CEO of PTI. "This acquisition demonstrates our commitment to Ireland, and we are eager to contribute to the development of robust and advanced telecommunications infrastructure that will benefit both the Irish people and our valued Mobile Network Operator partners. We appreciated the Cellnex team's constructive approach and hard work to sign this transaction."

Cellnex CEO Marco Patuano stressed that "the sale of our business in Ireland – at an appropriate valuation – is one further step within the company's 'Next Chapter', in line with our strategy, to achieve the goal of consolidating, simplifying our corporate structure and focusing our efforts in the existing growth opportunities in the main markets in which we operate. We want to recognize PTI's readiness and swift decision-making and look forward to closing the deal on due time."

Nomura is serving as exclusive financial advisor and Arthur Cox is serving as legal counsel to PTI. Barclays and Santander are serving as financial advisors and Matheson is serving as legal counsel to Cellnex.

About Phoenix Tower International

PTI will, pro forma for this transaction and contracted deployments, own and operate over 29,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Germany, Malta and Cyprus.

PTI was founded in 2013 with a mission to be a premier site provider to wireless operators across the world in high-growth markets. PTI's investors include funds managed by Blackstone, Wren House, USS and various members of the management team and is headquartered in Boca Raton, Florida.

In March 2021, Epic Ltd announced that it has entered into an agreement with Phoenix Towers International for the sale of the entire share capital of M.T. Mediterranean Towers Limited, its fully owned mobile telecom infrastructure management company in Cyprus.

Epic said that the passive mobile infrastructure encompasses essentially metallic and concrete elements such as towers and masts. Epic retained full ownership and management of the Epic base stations, antenna and all telecom-related active equipment that is typically located on such infrastructure, the company said.

At the time, it also said that Epic and Phoenix Towers International would enter into a long term service agreement for the provision of hosting services over the infrastructure as well as the construction of new sites through a build-to-suit programme, securing long-term access by Epic to such infrastructure.

(Source: PRNewswire)