Phoenix Tower International (PTI) announced that it has acquired 197 wireless communication tower sites located throughout the United States from Tower Ventures. PTI said that it has closed the transaction through the acquisition of a 100% ownership interest in Tower Ventures Holdings, LLC and related entities. The transaction provides PTI ownership and control over high quality wireless telecommunications infrastructure assets strategically located along the Atlantic seaboard, South, and Midwestern regions of the United States.
The ownership of these 197 wireless communication towers solidifies PTI's position as the premiere private tower company in the Americas, it says. Terms of the transaction remain confidential between the parties. "PTI is excited to invest further in the United States and continue to grow its tower portfolio in advance of significant 5G deployments and ongoing 4G densification across the country," said Dagan Kasavana, Chief Executive Officer of Phoenix Tower International.
He continued, "The Tower Ventures team has a great reputation and has constructed and operated high quality sites that we believe will see continued growth through lease-up and provide the wireless operators more best in class locations to achieve their network coverage needs alongside our existing towers and growing DAS and small cell business. We are proud we have completed this transaction with Tower Ventures and look forward to working with them across the United States in the future."
PTI owns and operates over 8,500 towers, 986 kilometers of fiber, and other wireless infrastructure and related sites across 14 countries in North, Central and South America 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, John Hancock, and various members of the management team and is headquartered in Boca Raton, Florida.
Tower Ventures is a Memphis, Tennessee-based cell phone tower operator that owns and manages 360 towers in the United States. Tower Ventures and its subsidiaries have developed towers since 1987 and over that time have successfully built and sold tower portfolios valued at over $600 million dollars. Tower Ventures is owned by its management team with an investment from BBH Capital Partners, a private equity strategy of Brown Brothers Harriman & Co.
Commenting on the transaction, Tower Ventures President and CEO, William Orgel, said: "Dagan and the wonderful team he has built in the past seven years were an absolute pleasure to work with on this transaction. They are professional, intelligent and have immense knowledge of the tower industry. Tower Ventures looks forward to a continued relationship with PTI as we move forward in developing more towers and managing our remaining portfolio of owned and managed sites."
For more information, visit www.phoenixintnl.com.
